Fund Manager Told to Pay $52 Million in Insider-Trading Verdict

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Sept. 30, 2021, 11:30 AM

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.

In a verdict issued after three days of trial at the Frankfurt Regional Court on Thursday, judges also seized 45 million euros ($52 million) from the man over his 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 & Aufhaeuser was also convicted and sentenced to a suspended prison term of 1 year and seven months. He had …