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Frankfurt / Main (dpa / lhe) - With a partial admission by one of the defendants, a trial of prohibited insider trading has started before the Frankfurt Regional Court.
The 33-year-old former employee of an investment company admitted on Wednesday that he had passed on insider knowledge about upcoming takeovers to the two-year-old co-defendant in four cases and received a “fee” of EUR 88,000 for this.
Legally, this is classified by the public prosecutor as a violation of the Securities Trading Act.
According to the indictment, the 35-year-old is said to have taken advantage of massive price increases for lucrative share deals, in which he earned around seven million euros.
The trained banker and insurance agent has not yet commented on the allegations in court.
Even in the preliminary investigation, he had not yet admitted the allegations.
He has been in custody since June last year.
For the 33-year-old, passing on the information didn't pay off.
After the allegations became known, he lost his well-paid job at his company.
The commercial criminal chamber is facing an extensive hearing of evidence with initially seven days of negotiations until the beginning of June.
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© dpa-infocom, dpa: 210421-99-296417 / 2