Former Lazard Banker Charged in German Insider-Trading Probe
(Bloomberg) -- A former banker at Lazard Ltd.’s merger team in Frankfurt was charged with insider trading over allegations he passed on deal tips.
The man, who wasn’t identified, shared information with another person between April 2018 and the beginning of 2020, a spokesman for Frankfurt prosecutors said Thursday in an email. The other suspect, an insurance broker, used the information to trade before it was disclosed to the markets.
The former Lazard employee was part of the bank’s mergers and acquisitions advisory team with about 30 employees, people familiar with the case said in July. The probe has been pending since 2019.
A spokeswoman for Lazard declined to comment.
The New York-based firm specializes in asset management and advising to firms and countries on transactions, such as takeovers.
While the U.S., the U.K. and France have investiated multiple insider-trading allegations in recent years, such cases are rather rare in Germany. Union Investment Privatfonds GmbH last year said it put one of its employees on leave after regulators raided the Frankfurt-based company for evidence of insider-trading.
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