AMF France v. M. Frédéric Marty and others (spoofing, 2025)

Judgment entered

✓ Checked against the primary document on October 5, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the French decision; an independent second reading of 60 of the AMF records agreed on every field for 54 and on the core fields for 59. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In February 2025 the Commission des sanctions fined an individual trader EUR 500,000 and two collaborators EUR 60,000 and EUR 30,000 for a scheme using orders in shares, cancelled before execution, to move the quotes of related warrants traded on German platforms.

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 Commission des sanctions of the AMF, first section, decided the matter on 3 February 2025. The respondents are Frédéric Marty, who traded on his own account and had no known profession, Adriana Marglewska, a company director, and Olivier Blin, who worked in quality management.

The notifications alleged that Mr Marty ran a manipulative scheme over 250 sequences affecting 39 of the 89 shares under investigation, and that Ms Marglewska (32 sequences, seven shares) and Mr Blin (20 sequences, seven shares) collaborated by trading the warrants. The scheme worked on warrants quoted by issuers on German platforms, outside Euronext Paris hours, whose prices followed the underlying shares.

The Commission held that orders placed in the shares and cancelled before execution misrepresented the best prices displayed, moved the mid-price in the direction that suited each warrant position, and let the respondents close their warrant positions quickly at a profit. It held the misleading-signals, price-fixing and fictitious-device cases of manipulation proved against all three. The notification put Ms Marglewska's gain on the sequences charged against her at EUR 13,863.

It fined Mr Marty EUR 500,000, Ms Marglewska EUR 60,000 and Mr Blin EUR 30,000 and ordered publication without anonymisation.

The record does not show the total profit, the identities of the warrant issuers, whether any respondent appealed, or any criminal case.

This library tags the matter as spoofing. 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.

• Spoofing — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2025-02-03 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.