(BFM Stock Exchange) – The Sanctions Commission imposed these fines for acts between 2018 and 2021 on 39 listed titles.

The AMF sanctions committee decided on Monday sanctions for a total of 590,000 euros against three individuals for manipulation of courses, five times the profits carried out, the authority of the financial markets announced on Wednesday.

The main author of the offenses, a French unemployed French, has received a fine of 500,000 euros, his Polish companion, 60,000 euros, and the third accomplice, a long -standing friend of a French bank, of 30,000 euros , said the gendarme of the financial markets.

They had withdrawn from the profits of 89,871 euros, 13,863 euros and 10,223 euros respectively, knowing that the financial sanctions cannot exceed the increased sums won.

The case relates to 250 transactions, made between 2018 and 2021 on 39 titles listed on exchange platforms operating outside the opening hours of European scholarships.

Use of warrants

For each of the sequences, the AMF observed the same operating mode: the main instigator made an order of purchase on actions to increase their course and, by repercussion, that of the Warrants, which are titles giving the right to Buy or sell an action at a determined price and date.

Then, in the following minutes, the three accomplices very quickly reseraped this “warrant” at this higher price, pocketing added value, and then canceled the orders of action purchases before their execution.

This operation clearly increased prices: on these platforms outside the session, the volumes are low and the slightest transaction can have a strong impact.

“More than 98%” of the purchasing orders was canceled, the representative of the AMF college said in November, which “proves that it was a lure intended to increase the prices”.

The AMF considered that these orders constituted “manipulative behavior by false or deceptive indications, by fixing the course at an abnormal or artificial level and by using fictitious processes or any other form of deception or artifice”.

(with AFP)