AMF France v. Montaigne Fashion Group, Jekiti Mar Capital, A, Financière du Phoenix, SCI Plainville and B (insider trading, 2019)

Judgment entered

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On 17 April 2019 the Commission des sanctions found that Montaigne Fashion Group failed to disclose promptly that it had missed a payment under its court-approved continuation plan and published inexact statements, and that its chief executive, its deputy chief executive and companies linked to them sold shares while holding that information. It fined six respondents EUR 830,000 in total.

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

€830k

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 of the Autorité des marchés financiers (second section) decided the case on 17 April 2019. The AMF had opened its inquiry into the company's financial information and shares in October 2015, and notifications of grievances went to the company, its chief executive A, its deputy chief executive B and three companies linked to them in September 2017.

The notifications alleged that Montaigne Fashion Group (MFG) did not disclose as soon as possible that the fourth dividend of its insolvency continuation plan was unpaid on its due date, and published inexact statements in press releases of 29 December 2014 and 20 February 2015; that A and B were answerable for those failings as executives; and that A, B and the companies Jekiti Mar Capital, Financière du Phoenix and SCI Plainville sold MFG shares between November 2014 and February 2015 while holding that information or news of a court request to end the plan. Some were also charged with failing to declare their sales.

The Commission found the disclosure and inexact-statement failings made out against MFG, A and B, and found that A and B had used the inside information in sales through the linked companies. It found Financière du Phoenix's failure to declare its sales made out against it and B. It rejected the charge against Jekiti Mar Capital as drafted, since the notification said A had acted for the company, but found the breach attributable to it once A's use was established.

It fined A EUR 250,000, Financière du Phoenix EUR 225,000, B EUR 180,000, MFG EUR 90,000, Jekiti Mar Capital EUR 75,000 and SCI Plainville EUR 10,000, and ordered publication on the AMF website for five years, non-anonymised.

This record does not show a breakdown of fines by failing, and it does not show whether the decision was appealed.

This library tags the matter as insider trading and false rumors (the nearest tag for misleading corporate information). 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 2 techniques 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.
• False rumours — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2019-04-17 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.