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Former Lazard banker found guilty of insider trading by German court – Metro US

Former Lazard banker found guilty of insider trading by German court

FILE PHOTO: The logo and trading information for Lazard Ltd
FILE PHOTO: The logo and trading information for Lazard Ltd appear on a screen on the floor at theNYSE in New York

FRANKFURT (Reuters) – A former employee of investment bank Lazard was sentenced on Friday to an 18-month suspended jail term by a German court after being found guilty of insider trading, a court spokesman said.

The ruling by the Frankfurt regional court came after the ex-employee was charged in 2021 for passing on tips about upcoming takeovers of listed firms to the former head of an insurance company for almost two years.

Between April 2018 and early 2020 the former insurance employee used the information to buy shares and derivatives in the affected firms before the deals became public and their shares rose.

The former banker received 100,000 euros ($113,650) for passing on the tips, the indictment showed.

A spokesperson for Lazard in Germany was not immediately available for comment.

($1 = 0.8799 euros)

(Reporting by Christoph Steitz; editing by Jason Neely)

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