AMF France v. ISA Finances, NG Investments, Ormylia, Socodol, UBS (France) and others (insider trading, 2015)

Judgment entered

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In June 2015 the AMF Commission des sanctions sanctioned supervisory-board members of Riber and linked traders and companies, and UBS (France), with penalties totalling 3.55 million euros, mainly for dealing on or passing on inside information about orders received by Riber.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

€3.6m

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 Commission des sanctions decided this case on 2 June 2015. The AMF's board decided on 26 November 2013 to notify grievances to ten respondents, among them members of the supervisory board of Riber, a maker of semiconductor equipment listed on Euronext Paris, and people and companies linked to them, plus the bank UBS (France).

The grievances were that J, a supervisory board member, and his investment company NG Investments traded Riber shares while holding inside information; that M passed inside information to K, who traded through his company Ormylia; that several of them failed to declare transactions and ownership thresholds; and that UBS (France) failed to report suspicious orders.

The Commission found that J and NG Investments bought 60,124 shares in December 2010 while J held information about two orders received by Riber, and that K and Ormylia bought 59,549 shares on 21 December 2010 on information passed by M, with a potential gain of about 5,359 euros. It sanctioned the respondents, and some threshold-declaration grievances were not retained against M.

It imposed financial penalties of 70,000 euros on J, 30,000 euros on NG Investments, 800,000 euros on K, 200,000 euros on Ormylia, 1,000,000 euros on M, 100,000 euros on N, 200,000 euros on ISA Finances, 200,000 euros on Socodol, 600,000 euros on L and 350,000 euros on UBS (France), a total of 3,550,000 euros, and gave a warning to A.

The record does not show the basis for each individual amount in full detail, 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. 2015-06-02 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.