AMF France v. A, B, C, D, E, F and G (insider trading, 2015)

Judgment entered

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In December 2015 the AMF Commission des sanctions fined seven individuals, published as A to G, a total of 590,000 euros for passing on and trading on inside information about Seagate's stake in LaCie in May 2012.

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

€590k

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 22 December 2015. The AMF's inquiry, opened in October 2012, concerned trading in LaCie shares before Seagate announced a majority stake in LaCie in 2012. Notifications of grievances were sent on 17 July 2014 to seven individuals, published as A to G.

The AMF alleged a chain of insider dealing. A, who held inside information, passed it to B; B bought 15,000 LaCie shares on 16 May 2012 and passed it to C and D; C bought 15,000 shares the same day; D passed it to E and F; E bought 12,000 shares on 18 May; F bought 31,100 shares on 21 May and passed it to G; G bought 15,000 shares on 21 and 22 May. A was also accused of not declaring a purchase of 16,000 shares on 24 May 2012.

The Commission sanctioned all seven. It noted gains from the use of inside information of 19,500, 18,659, 16,000, 37,553 and 9,960 euros for the individuals concerned and found that those who passed the information on had breached the ban on communicating it. It imposed 100,000 euros on A, 100,000 euros on B, 60,000 euros on C, 50,000 euros on D, 50,000 euros on E, 200,000 euros on F and 30,000 euros on G, a total of 590,000 euros.

The record does not show how the first person obtained the information, and it does not show whether any respondent 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. 2015-12-22 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.