Traders Convicted in Paris Over $23 Million Insider Scheme (3)

Two Geneva-based traders were handed jail terms for their role in a secret network that made about $23 million on an insider tip from a former Societe Generale SA banker about a confidential multibillion-dollar merger.

Lucien Selce and Alexis Kuperfis were sentenced to three years and one year respectively and fined €30 million ($35.1 million) and €13 million. Paris judge Gérald Bégranger issued an arrest warrant against the pair, who were absent when he read out the judgment.

Selce, 63, and Kuperfis, 45, cashed in on the tip about Air Liquide SA’s plans to take over U.S. chemical producer ...