AMF France v. Loyaltouch, Strategic Corporate Finance, B and A (insider trading and misleading information, 2014)

Judgment entered

✓ Checked against the primary document on October 5, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the French decision; an independent second reading of 60 of the AMF records agreed on every field for 54 and on the core fields for 59. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In July 2014 the AMF Commission des sanctions fined Loyaltouch, its shareholder SCF, SCF's chairman B and the company's executive A a total of 1.25 million euros over misleading financial releases and a June 2010 share sale made on inside information about the company's difficulties.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

€1.3m

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in EUR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The 1st section of the Commission des sanctions heard the case on 4 July 2014 and decided it on 16 July 2014. The notifications of grievances, sent from August 2012 with later additions, went to Loyaltouch (formerly Initiatives & Développements, a company on Alternext), to its shareholder Strategic Corporate Finance (SCF), to SCF's chairman and the company's former chief executive B, and to A, its deputy chief executive and later management board chairman. Loyaltouch was in liquidation, and the notices to B and SCF were delivered in the United States through the US SEC.

The AMF alleged that Loyaltouch published inaccurate and misleading financial information in releases between May 2009 and May 2010, a grievance also put to A and to B, and in B's case under the rule against spreading false or misleading information. It alleged that SCF and B used inside information about Loyaltouch's financial difficulties by selling 35,225 Loyaltouch shares between 1 and 21 June 2010 for 206,467 euros gross, and that B did not declare the sale.

The Commission sanctioned all four respondents. It imposed financial penalties of 1,000,000 euros on B, 100,000 euros on Loyaltouch, 100,000 euros on SCF and 50,000 euros on A, a total of 1,250,000 euros, and ordered publication with A anonymised. A correction notice later fixed the date of the public hearing in the text.

The record does not show how B or SCF responded, because they did not take part, and it does not show whether any penalty was collected or whether the decision was appealed.

This library tags the matter as insider trading. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the decision.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2014-07-16 Commission des sanctions decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• AMF decision page
• Decision (PDF, French)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 5, 2026. submit a correction.