The Financial Markets Authority (AMF) on Friday required a total of 920,000 euros in fines against three traders and a Dutch brokerage firm, for price manipulation on the Paris Stock Exchange.
Five defendants – Denis Van Tilborg, Diede Van Den Ouden, and Rob Kamsteeg as well as the companies Nyenburgh BV and Tilborg Trading BV – are accused of having manipulated the price of securities between 2013 and 2016 on the market. ‘Euronext Paris in order to make a profit.
Two breaches were identified: having carried out transactions which would have given on the one hand misleading indications on the supply, demand and price of securities, so as to ensure, on the other hand, a dominant position on the market aimed at unfair transactions, both illegal practices.
These breaches are part of the most traditional modus operandi in terms of price manipulation, observed the representative of the AMF college during the meeting of the Enforcement Committee.
He requested a fine of 500,000 euros against Mr. Tilborg, who is accused of having made the most profit, 150,000 euros against Mr. Kamsteeg as well as for the company Nyenburgh BV (of which Mr. Kamsteeg is member of the board of directors), and 120,000 euros against Mr. Van Den Ouden.
Nevertheless, it retained the impossibility for the company Tilborg Trading BV to be sanctioned because of its liquidation.
This file presents a disturbing observation and calls for sanctions, it highlights behavior that is harmful to the French market, incompatible with the national and international rules that all French and foreign operators must respect, pointed out the representative of the college.
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On the defense side, the lawyers for the traders criticized the investigation for a lack of method for calculating the profits made, which they said were less than the tens of thousands of euros charged to their clients.
They also asserted the absence of fault in their transactions, which they claimed resulted from simple scalping operations, a legal stock market strategy consisting of buying and reselling securities very quickly in order to make a profit.
Finally, the lawyers assured that the three traders had not acted in concert and had never met, calling into question the collective proceedings against them.
The Sanctions Commission’s decision is expected in the coming weeks.