(Bloomberg) -- German prosecutors charged a 48-year-old man accused of making €24 million ($25.3 million) as part of a wider insider trading scheme.
The German citizen has been detained since January, the Frankfurt prosecutor’s office said in a statement. He was engaged in 20 insider transactions and revealed insider information on 10 occasions between 2017 and 2021, authorities allege.
Read More: German Insider Trading Probe Targets Five, One Arrested
Frankfurt prosecutors and German financial regulator BaFin revealed in January they had opened investigations against five defendants on suspicion of using confidential information about forthcoming takeover deals to place trades.
Read More: Perella London Banker Suspected in Insider Probe Dies by Suicide
One of the suspects embroiled in the probe, a 45-year-old London-based employee of Perella Weinberg Partners, died of suicide after investigators raided the investment bank’s UK headquarters.
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