The vice chairman of Iliad SA, France’s fourth-largest telephone company, was given an increased 800,000 euro ($902,000) civil insider-trading fine on appeal.
Maxime Lombardini was fined 600,000 euros last year by French regulators who accused him of selling shares before Iliad’s stock tumbled the most in almost eight years when it made a surprise 2014 takeover bid for T-Mobile US Inc.
Judges at the Paris court of appeals ruled that the “particular seriousness” of the wrongdoing means the fine wasn’t large enough to have a dissuasive effect and should be increased. Iliad and Lombardini declined to comment.
“The Lombardini ...