BNP Paribas subject of insider trading probe

France’s national financial prosecutor has opened a preliminary probe into possible insider trading at BNP Paribas.

Bloomberg News reports that the investigation started in early November and it’s too soon to determine which individuals may be involved, a spokesman for the prosecutor’s office said by phone, declining to provide further details. Prosecutors could drop the probe if they don’t find any wrongdoing.

BNP Paribas was fined a record $8.97bn in June for violating U.S. trade sanctions on countries including Iran, Sudan and Cuba. French weekly Le Canard Enchaine reported that prosecutors are examining stock sales by senior BNP officials during 2013, a time when U.S. authorities were looking into the bank’s dealings with banned countries. The paper didn’t say where it got the information.

To access the complete Bloomberg News article hit the link below:

French Prosecutors Open BNP Paribas Insider-Trading Probe

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