AMF France v. A and B (insider trading, 2017)

Judgment entered

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In April 2017 the AMF Commission des sanctions fined a Korian finance executive, published as A, 200,000 euros and an acquaintance, published as B, 450,000 euros for passing on and trading on inside information about the Medica merger and the Curanum buy-out.

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

€650k

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 19 April 2017. The AMF's inquiry, opened in May 2014, concerned trading in Medica and Korian shares, extended in February 2015 to the German company Curanum. Notifications of grievances were sent in June 2016 to two individuals, published as A and B.

The context was a series of Korian group deals. On 18 November 2013 Korian and Medica announced a merger agreement giving Medica holders 10 Korian shares for 11 Medica shares, a 15% premium. Korian later moved to buy out the minority holders of Curanum, whose shares traded on the Frankfurt exchange, and A had joined Korian as chief financial officer in September 2013. The AMF alleged that A passed on two items of inside information and that B used them by buying 56,160 Medica shares between 23 October and 12 November 2013 and 48,802 Curanum shares on 16 July 2014 after an order placed on 15 July.

The Commission sanctioned both men. It held that information about Korian's strategy for acquiring Curanum shares was capable of being used by a reasonable investor, noting that Curanum's price had not exceeded 3.6 euros between April and July 2014 even though Korian was prepared to buy out minority holders. It imposed 200,000 euros on A and 450,000 euros on B, a total of 650,000 euros, and ordered publication with A anonymised.

The record does not show how the information passed between the two men beyond what the Commission found, 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. 2017-04-19 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.