Even Your Mom Can't Protect You in an Insider-Trading Case
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- Pair fined $1.1 million in French insider-trading probe
- Regulator finds traders using relatives’ accounts as cover
There are some things that even your mom can’t get you out of.
French authorities have snagged two cases of insider trading in less than 24 hours where the wrongdoing was carried out using the mother of one of the accused men as a veil.
Two men were fined a total of 946,000 euros ($1.1 million) Tuesday after being snared in a French insider-trading probe by a cell phone linked to one of their moms. On Wednesday, regulators published the penalty for a former Standard & Poor’s analyst who admitted that he used his mother’s bank account to place three questionable trades.
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