Former PR adviser handed 3-year insider trading sentence in ‘breakfast trust’ trial

A former communications adviser was sentenced to three years and three months in jail by Frankfurt district court on Friday after he was found guilty of insider trading spanning multiple years.

The 48-year-old, who cannot be named for legal reasons, was found guilty by a panel of five judges of making more than €14mn in profit between 2017 and 2021 from trading on inside information shared by a partner of Perella Weinberg Partners, a prestigious boutique investment bank.

He was also ordered to repay the gross proceeds of its illicit share sales of €24mn to the state.

The communications adviser admitted buying shares and options after receiving tips about stocks that “should be looked at”, “could become interesting” or “may turn into a takeover target”.

Source: Former PR adviser handed 3-year insider trading sentence in ‘breakfast trust’ trial