A former banker from Société Générale SA, along with a group of traders, is facing a criminal trial in France for allegedly profiting nearly €18 million ($21.1 million) from insider information regarding a US stock nearly a decade ago.
Stéphane Fima, a former managing director at SocGen, and traders Lucien Selce and Alexis Kuperfis are set to appear in a Paris court. The hearings are tentatively scheduled to commence in February, although this timeline may be subject to change.
In connection with this longstanding French investigation, Fima is accused of utilizing a burner phone in late 2015 to relay confidential information about Air Liquide SA's acquisition plans for US chemical giant Airgas Inc. through an intermediary. Investigators claim Selce reaped at least €9.9 million from the insider tip, while Kuperfis earned approximately €4.4 million.
This trial marks a significant step in France's efforts, in coordination with authorities in the US and the UK, to dismantle a loosely connected network of insiders allegedly operating across multiple continents. It presents an opportunity for prosecutors at the Parquet National Financier to establish their presence in a country that has seen very few major insider trading convictions in recent years.
The Central Bank of Nigeria (CBN) is poised to collaborate with the Nigerian Securities and Exchange Commission (SEC) to establish a regulatory framework for digital assets. This strategic initiative comes as the nation seeks to address the growing presence of cryptocurrencies and blockchain technology.
During a recent lecture, CBN Governor Olayemi Cardoso underscored the critical need for definitive guidelines in the crypto sector. The CBN is committed to collaborating with the SEC to formulate a comprehensive regulatory framework for digital assets. Governor Cardoso highlighted the importance of this partnership in addressing multiple regulatory dimensions, ensuring a sustainable approach to digital currencies.
The objective is to establish a robust regulatory framework for cryptocurrencies that aligns with global standards while addressing local concerns. This collaboration aims to respond to the surge of crypto activities in Nigeria, a country that has rapidly emerged in the digital asset arena.
While Cardoso recognized the significance of crypto assets in shaping future financial policies, he also acknowledged that their overall impact remains uncertain. The CBN is focused on striking a balance between fostering innovation and ensuring consumer protection and financial stability.
Startup founder Charlie Javice received a seven-year prison sentence for a crime deemed "biblical" by the judge, involving the fraudulent acquisition of $175 million from JPMorgan Chase.
"Among the many commandments in the bible are the commandments of just weights and measures. Yours was not a just weight and measure," proclaimed Judge Alvin Hellerstein during sentencing.
Javice was found guilty of fraud in March for misrepresenting her financial aid startup, and prosecutors had sought a 12-year sentence. Prior to the judge's decision, Javice took the stand to convey her remorse and offer an apology. "At 28 I did something that runs against the grain of my upbringing," Javice said. "I made choices that I will spend my entire life regretting."