AMF France v. IC Telecom and A (insider trading, 2015)

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 February 2015 the AMF Commission des sanctions fined IC Telecom and its chief executive, published as A, 50,000 euros each over disclosure failures and the executive's sale of 4,463 shares while allegedly in possession of inside information about the company's finances.

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

€100k

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 2nd section of the Commission des sanctions decided this case on 11 February 2015. The AMF had opened an inquiry in May 2012 into IC Telecom, a company traded on Alternext that went into receivership in April 2012 and liquidation in July 2012. Notifications of grievances were sent on 17 December 2013 to the company and to its chief executive, published as A.

The AMF alleged that IC Telecom failed to disclose as soon as possible inside information about financial difficulties threatening its continuity, gave inaccurate information in releases of 12 August and 27 September 2011, and failed to disclose a change concerning share-warrant terms. It alleged that A, personally, sold 4,463 shares through his holding company in July 2011 while holding the inside information, avoiding an estimated loss of 15,664.77 euros, and that sales by the holding of 5,723 shares between March and July 2011 were not declared to the AMF.

The Commission treated A, as the chief executive, as a primary insider presumed to have used the information, and found the failure to declare the holding company's sales established against him. It imposed 50,000 euros on IC Telecom and 50,000 euros on A, a total of 100,000 euros.

The record does not show whether A rebutted the presumption or what the other releases contained, and it does not show 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. 2015-02-11 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.