(BFM Bourse) – The Stock Exchange policeman has issued these heavy fines against six people and a company for manipulating the price of the securities of the companies Gour Medical, Umalis and CIAO.
The Financial Markets Authority (AMF) on Thursday imposed seven fines for a total amount of 4.625 million euros against six people and a company in a case of price manipulation of three small companies in 2018.
Three people and an asset manager were found guilty of manipulating the price of securities of the companies Gour Medical, Umalis Group or CIOA, which were listed on the Paris Stock Exchange, with fines of up to 2 millions of euros. The other three people were sanctioned more lightly for reporting breaches.
The sanctions are higher than the requisitions of the AMF college, which had requested a total of 2.8 million euros in sanctions during a meeting of the sanctions committee in mid-December.
For the AMF, the people involved carried out “coordinated actions” with the aim of creating “an illusion of abundant liquidity” on the shares of these companies. This behavior “consists of a failure to manipulate prices” for the stock market watchdog.
A manipulation which cost 3.27 million euros
The manipulation cost a total of 3.27 million euros to German and Austrian individuals harmed by the maneuver, estimated the representative of the AMF college during the committee meeting.
The most significant sanction, amounting to two million euros in fines, was pronounced against Miron Leshem, the director of the asset manager Granchester Equity Limited.
The company was fined one million euros and Dirck Van Wylick, an operator directly involved in the operations, also received this sanction. Both were absent from the sanctions committee.
This decision is subject to appeal.
(With AFP)
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