The Financial Markets Authority (AMF) announced on Tuesday, March 8, impose a fine of 800,000 euros on press boss Nicolas Miguet and his company Le Quotidien de Paris Edition, for price manipulation and regulatory breaches. The sanctions commission of the French stock market “gendarme” ruled that Mr. Miguet’s company made a capital gain of 71,905 euros after the publication of an article which made no mention of a conflict of interest.
In October 2017, the media The Stock Exchange Letter, owned by Le Quotidien de Paris Edition (QPE), published on its website an article on the Mauna Kea Technologies share with the formula “our advice: strong purchase”. The publication, described as a recommendation by the AMF, did not mention the fact that QPE and Mr. Miguet’s holding company, Nicolas Miguet Associés (NMA), held Mauna Kea Tech shares and therefore had an interest in its course goes up.
A second article on Mauna Kea Technologies was published a few days later by another title of the group, The Stock Market Weekly, qualifying this company as “nugget”according to the elements presented at the hearing in early February.
In the meantime, the share value has risen almost 60% and the companies “closely related to” Mr. Miguet sold 50,000 shares out of a total of 125,000 shares held.
“Already sanctioned for similar breaches”
The AMF Sanctions Committee estimated that QPE realized a capital gain of 71,905 euros during the operation and was therefore fined 600,000 euros. Mr. Miguet is sentenced to pay 200,000 euros, but NMA was spared because he is not “neither producer nor broadcaster of the disputed investment recommendation”, according to the March 4 decision of the AMF, published on Tuesday. For his part, Mr. Miguet underlined a “huge inconsistency” because “NMA is exonerated on exactly the same file” who accuses him and QPE.
“Regarding Mr. Miguet, the Commission also noted that he had already been sanctioned twice for similar breaches”, specifies the AMF in its press release. He was indeed fined 500,000 euros in 2010, then 600,000 euros in 2014 by the AMF.
In addition to his activities in the stock market press, Mr. Miguet, president of the Rally of French taxpayers, is known for having tried to stand in the last three presidential elections and that of 2022, without ever succeeding in obtaining the 500 sponsorships. He said he appealed the AMF’s decision.