Iliad’s Lombardini Gets Increased Insider Trading Fine on Appeal

Paris appeals court increases to EU800,000 the fine given to Maxime Lombardini, vice-chairman of Iliad’s board, for civil insider-trading violations.

• Lombardini was fined EU600,000 in April 2019 by enforcement committee of France’s financial market regulator, who accused him of selling shares before Iliad’s stock tumbled when it made a surprise 2014 takeover bid for T-Mobile US Inc.
• Paris court says the “particular seriousness” of the wrongdoing means the fine wasn’t large enough to have a dissuasive effect and should be increased
• Representatives of Iliad and a lawyer for Lombardini didn’t immediately respond to requests for comment
• NOTE: April 2019, Iliad ...