Traders Convicted in Paris Over $23 Million Insider Scheme

Two Geneva-based traders were handed jail terms for their role in a secret network that made about $23 million on an insider tip from a former Societe Generale SA banker about a confidential multibillion-dollar merger.

Lucien Selce and Alexis Kuperfis were sentenced to three years and one year respectively and fined €30 million ($35.1 million) and €13 million. Paris judge Gérald Bégranger issued an arrest warrant against the pair, who were absent when he read out the judgment.