Deals
Iliad Chairman Fined for Insider Trades for Him and Girlfriend
- Maxime Lombardini sold shares weeks before T-Mobile US offer
- Iliad also fined in French probe for delaying market statement
Maxime Lombardini
Photographer: Eeic Piermont/AFP via Getty Images
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Iliad SA Chairman Maxime Lombardini was fined 600,000 euros ($670,000) by French regulators who accused him of selling some shares before the phone company’s stock tumbled the most in almost eight years when it made a surprise 2014 takeover bid for T-Mobile US Inc.
Lombardini had an unfair advantage over other traders when he sold Iliad shares that he and his girlfriend owned just a few weeks before the $15 billion bid for a majority stake was made public, the enforcement committee of France’s markets regulator ruled.