AMF France v. THD, M. Thierry Decré, Option 7 and others (insider trading, 2023)

Judgment entered

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In January 2023 the Commission des sanctions imposed fines totalling EUR 3.16 million on ten investors and on the listed property company Terreïs over trading ahead of Swiss Life's planned purchase of Terreïs shares and then assets, in autumn 2018 and early 2019. It found insider dealing by most respondents, an incitement within one family, and a failure by the company to keep its insider list.

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

€3.2m

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 AMF, second section, decided the matter on 30 January 2023. The respondents are the company Terreïs, two investment companies (THD and Option 7) and their managers, Thierry Decré and Pascal Lorenzetti, two brothers (Jacques-Antoine and Jean-Roger Condat), Jacques-Antoine Condat's partner Ghania Begriche, and Christophe Mombet, Kilian Heim and a person published as M. I.

The notifications alleged two successive pieces of inside information: from 18 October to 21 December 2018, Swiss Life's plan to buy the controlling block of Terreïs shares held by Ovalto at a significant premium; and from 25 January 2019, the sale of at least the majority of Terreïs's property to Swiss Life, which could lead to a public offer.

The Commission held that the first information was inside information from 18 October to 21 December 2018 at 20:09, and the second from 25 January 2019 at 16:24 to 12 February 2019. It found that THD and Mr Decré bought 18,941 shares between 29 November and 21 December 2018 on the first, that Option 7 and Mr Lorenzetti bought 12,000 shares between 14 and 21 December 2018, and that Jacques-Antoine Condat, M. I, Mr Mombet and Mr Heim also dealt. It found that Jacques-Antoine Condat urged his brother and his partner to buy and that both used the recommendation. It was not satisfied that the brother or the partner themselves held the information, so it did not find that Jacques-Antoine Condat had passed it on. It found that Terreïs failed to keep its insider list as the Market Abuse Regulation requires.

The fines were EUR 1,000,000 on THD, 200,000 on Mr Decré, 400,000 each on Option 7 and Mr Lorenzetti, 350,000 on Jacques-Antoine Condat, 100,000 on Jean-Roger Condat, 75,000 on Ms Begriche, 250,000 on M. I, 30,000 on Mr Mombet, 5,000 on Mr Heim and 350,000 on Terreïs, EUR 3,160,000 in total. The decision was ordered published without anonymisation.

The record does not show the profits made, whether any respondent appealed, or any criminal case.

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. 2023-01-30 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.