Nicola Bulgari, former executive of Roman luxury house Bulgari, and his asset management firm Tara were convicted of insider trading.
According to the AFP’s report, Nicola Bulgari and Tara purchased respectively 20,000 and 82,600 shares of the French luxury group between July 6 and 18 of that year, which were then sold on July 27, the day after LVMH announced first-half results that led to a rise in its share price.
The gains had been 292,400 euros for him personally and 1.4 million euros for the asset management company., with a year-over-year organic revenue growth of 4 percent. Over that period, profit from continuing operations was flat at 2.95 billion euros, or $3.3 billion. Net profit increased 8 percent to 1.71 billion euros, or $7.12 billion, WWD reported at the time. France
’s Financial Markets Authority, which led to a preliminary inquiry in 2019 by the financial prosecution service. During testimony in December 2021, Nicola Bulgari told the court he “had concluded it was time to admit the facts” after discussions with his counsel and “recognized what [he] had done, [feeling] guilty.”
While the investigation was unable to pinpoint the source of the information that led to the transactions, the “timely nature” and “unusual” operations, along with the “absence of convincing explanations” from the former Bulgari executive and “a plausible information transmission circuit” supported the insider trading charges, according to prosecutor Laurent Couderc.
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