Jan 31, 2023
London Suspect in Perella Insider Dealing Probe Dies By Suicide
(Bloomberg) -- A London-based Perella Weinberg Partners banker died by suicide in the days after the firm’s UK headquarters were searched as part of a German investigation into insider trading, people familiar with the matter said.
The deceased banker was one of the suspects in the probe, the people said, asking not to be identified discussing sensitive information.
“We are incredibly saddened by the tragic loss of our colleague and extend our heartfelt condolences to the family, loved ones and friends,” a spokesperson for Perella Weinberg said in an emailed statement. “We are focused on supporting our colleagues at this very difficult time.”
A representative for London’s Metropolitan Police Service declined to comment.
An office at Perella Weinberg’s headquarters in the UK capital was searched by officials on Jan. 25 as part of an investigation by Frankfurt prosecutors. They were looking into allegations that a London-based employee at Perella Weinberg disclosed information on planned takeovers that other suspects then traded on, people said previously.
A spokesperson for the Metropolitan Police Service said at the time it executed warrants on behalf of German authorities in Westminster and a residential address in west London. No arrests were made in London.
Raids were also conducted in Frankfurt, Munich and the wider area of the Bavarian capital, as well as in Austria. Prosecutors said last week that they’d made an arrest as part of an investigation into five German suspects since November 2021 over allegations they used insider information about takeovers that took place between 2017 and 2021.
The suspects were able to earn a “two digit million” euro amount by trading on the information, according to a joint statement from the investigators and Germany’s financial regulator Bafin.
“As we confirmed last week, we are assisting with an investigation by German law enforcement authorities and the firm is not the subject of any investigation,” the Perella Weinberg spokesperson said.
* People struggling with suicidal thoughts are able to access help and support through a number of specialist groups and charities, which can be contacted in the UK and across Europe by calling 116 123, and in the US on 988.
--With assistance from Jonathan Browning.
(Updates with details of previous search in sixth paragraph.)
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