Italy's stock market regulator fined André Esteves for alleged insider trading, just days before the Brazilian billionaire is to launch a high-profile initial public offering of his investment bank, BTG Pactual.

Consob, the Italian regulator, yesterday ordered Esteves to pay a €350,000 ($457,730) fine for allegedly using what it said was privileged information to buy shares in Italian meat processor Cremonini in 2007 shortly before the company disclosed plans to form a joint venture with rival JBS of Brazil, according to a statement issued by Consob.