Saturday, January 16, 2010
Adnan Zaman, a former Lazard investment banker settled SEC charges that he misappropriated confidential client information. On Jan. 12, 2010, the nited States District Court for the Northern District of California entered a final judgment by consent against Zaman. The Commission's complaint alleged, inter alia, that Zaman, as a Lazard investment banker, was privy to highly confidential acquisition information involving Lazard clients which he misappropriated and illegally tipped to two friends who traded stock and options on the basis of the tipped information. The complaint further alleged that, in exchange for tipping the information, Zaman received kickbacks in the form of cash, free rent, and other items of value.