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Fund Manager Must Pay $52 Million in Insider-Trading Verdict (1)

Sept. 30, 2021, 2:58 PM

A Frankfurt court convicted a former executive at Union Investment Privatfonds GmbH of insider trading and sentenced him to 3 1/2 years in prison and seized the “perversely high” amount of money the man spent on the transactions.

In a verdict issued after three days of trial at the Frankfurt Regional Court on Thursday, judges seized 45 million euros ($52 million) from the man, the equivalent of the sum spent for the illicit trades. The fund manager had admitted to the action in court and told the judges he “deeply regretted” it.

A former employee of German lender Hauck & ...

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