AMF France v. Iliad, M, X, A, B and C (insider trading, 2019)

Judgment entered

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On 25 April 2019 the Commission des sanctions found that Iliad delayed disclosing its plan to bid for T-Mobile US in July 2014 and that its chief executive sold Iliad shares, and shares for his partner, while holding that information. It fined the company EUR 100,000 and the executive EUR 600,000, and cleared four others, including a bank and three people accused of passing on or using a tip overheard on a train.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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Penalty as published

€700k

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 (first section) decided the case on 25 April 2019. The AMF had opened its inquiry into Iliad shares in December 2014 and extended it to financial information in June 2015. The full board of the AMF decided to send the notifications of grievances, which went out in September 2017 to Iliad, an anonymised bank X and four individuals.

The notifications alleged that the plan to acquire T-Mobile US was inside information from 2 July 2014; that Iliad failed to publish it as soon as it could no longer keep it confidential from 17 July 2014 and until after a Wall Street Journal article of 31 July 2014; and that M, Iliad's chief executive, used it by selling shares and options. They also alleged that C, an employee of bank X, overheard details on a train from a bank Y colleague, passed them to A and others, who spread them in the bank, and that B, a fund manager, ordered the sale of a fund's Iliad shares on 23 July 2014.

The Commission found that the information was inside information and that Iliad should have disclosed it. It found that M, a primary insider, was presumed to have used it when he sold 7,000 shares between 4 and 7 July 2014 and 650 shares on 11 July 2014 on his partner's account, and it rejected the explanations that the first sales followed a pre-set plan or that the second was her mandate, noting that the proceeds were reinvested rather than set aside for a tax matter. It did not find the charges against C, A, B and bank X made out, and it ordered the removal from the file of recordings and transcripts of interviews with A and C.

It fined Iliad EUR 100,000 and M EUR 600,000, and put C, A, B and X out of the case. Publication on the AMF website is for five years, non-anonymised except for those cleared.

This record does not show whether the decision was appealed, and the avoided losses noted in the grievances are not treated here as findings.

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. 2019-04-25 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.