Ex-Lazard Banker’s Insider Tips Reaped $41 Million, US Says (1)

A former dealmaker at Lazard Ltd., one of Wall Street’s most prominent investment banks, is accused by US authorities of feeding tips on health-care deals to a friend’s network of insider traders, who generated $41 million of illicit profits.

Justin Kim — now facing both criminal and regulatory charges — received a Rolex watch and career advice while leaking 10 potential takeovers over several years through 2023, according to a complaint from the US Securities and Exchange Commission, seeking to ban him from the industry. Last month, the Department of Justice unveiled fraud and insider trading charges against ...