Ex Lazard Junior Charged in $41 Million Insider Case
https://brokercheck.finra.org/individual/summary/6703074 anyone ever work with this guy?
Duke/USC undergrad, Lazard SF A2A 2018-23, Citi SF VP 2023-25
A former dealmaker at Lazard Ltd., one of Wall Street’s most prominent investment banks, is accused by US authorities of feeding tips on health-care deals to a friend’s network, who generated $41 million of illicit profits.
Justin Kim — now facing both criminal and regulatory charges — received a Rolex watch and career advice while leaking 10 potential takeovers over several years through 2023, according to a complaint from the US Securities and Exchange Commission, seeking to ban him from the industry. Last month, the Department of Justice unveiled fraud charges against Kim that carry up to 25 years in prison.
The friend, Muhammad Saad Shoukat, two of his brothers and other defendants allegedly used the information for well-timed bets ahead of takeovers. Deals included Gilead Sciences Inc.’s $21 billion acquisition of Immunomedics Inc. in 2020, CVS Health Corp.’s $10.6 billion buyout of Oak Street Health Inc. and AbbVie Inc.’s $10.1 billion purchase of ImmunoGen Inc. in 2023 — three of the biggest that Lazard worked on in that sector over the past decade.
Lazard also advised an unidentified client in 2022 that wanted to buy Global Blood Therapeutics Inc., which was working on a treatment for sickle-cell disease. Kim worked on a “detailed financial analysis” of the target company in April and the Shoukat group began amassing stock bets the following month, according to the US complaints.
Lazard’s client made a $55-per-share offer for GBT in June, but a bidding war broke out, in which Pfizer Inc. ultimately prevailed. Still, Kim’s tips enabled Shoukat’s group to reap $20 million in profits, charging documents say.
SEC loves busting the little guys
So this guy got a rolex while his buddies made millions? rofl
imagine going to jail for 10 years and all u got was a datejust
Cmon he def got a Daytona at least, no banker is that dumb
He probably got a cut of profits, but denied it for legality implications
According to the articles, the insider trading ring guys were creating dupe websites of pharma companies and issuing fraudulent PRNewsire releases posting fake drug trial results to pump the stock prices and dumping it before the pharma companies sent out notes saying it was fraudulent. Made $41M before getting busted
Total chads
Pakistani origin lol
Imagine that
They were so dumb about it, full case here:
https://www.justice.gov/usao-nj/media/1421691/dl?inline
lol
what? are these guys retarded ?
Individual 1 is Shahid K Butt. He owns Shakham industries now turning his father, Haji Mirza Iqbals, money white from drug dealing in the 90s
Imagine going to jail and reducing your career NPV by millions over a Rolex
dont forget the citigroup referral
What's new on this case? Anyone knows where can one follow?
Last I saw the banker was negotiating a plea deal. makes sense tbh. made nearly nothing from the scheme and is facing jail time with a 2 y/o.
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