P. M. BRIEFING : Insider Count for French Financier
Max Theret, a financier close to the Socialist party, was charged with insider trading today in connection with the $1.25-billion takeover of a U.S. firm by a French state-owned company, judicial sources said.
Investigating magistrate Edith Boizette traveled from Paris to the country home of Theret, who is convalescing from heart trouble, to press the charges, a rare move by the French judiciary, the sources said. Theret was not detained, they said, and under French law does not immediately have to enter a plea.
Theret was hospitalized shortly before France’s stock exchange watchdog body, the COB, released a report last month on insider trading surrounding the takeover of New Brunswick, N.J.-based Triangle Industries Inc. by the aluminum firm Pechiney.
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