Former formula one team official Victor Muller, the founder and former Spyker chief executive, has been fined $150,000 for insider trading.

The Dutch financial watchdog AFM (Autoriteit Financiele Markten) ruled that Muller, now chief designer of the specialist car maker, passed knowledge about Spyker to a bank, the newspaper Financieele Dagblad reported this week.

Spyker, which last year sold the Silverstone based formula one outfit to the team's current incarnation Force India, refused to comment.

The Dutch newspaper, however, said the case dates back to when Spyker was involved in formula one.

Reportedly, Muller emailed the undisclosed bank in the middle of last year, advising it not to sell shares in the company because a "positive press release" was shortly due to be released.

The AFM, which imposed the heaviest penalty possible, said the breach was a "very serious violation" of the law.

Source: GMM