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.