AMF France v. M. Ytane Mamou and M. Elie Houri (insider trading, 2026)

Judgment entered

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In May 2026 the Commission des sanctions fined Ytane Mamou EUR 30,000 and Elie Houri EUR 20,000 for buying Artefact shares in July 2021, shortly before the announcement of the sale of a controlling stake in the company, Mr Mamou having used the information and tipped Mr Houri.

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

€50k

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 20 May 2026 after a hearing on 12 March 2026. The respondents are Ytane Mamou and Elie Houri. The issuer is Artefact, a data and digital-marketing consultancy listed on Euronext Growth.

Artefact's leaders began a sale process in 2021. On 10 June 2021 three investment funds sent non-binding offers, firm offers followed on 23 July, and on 26 July 2021 the company announced exclusive negotiations for the sale of a control block at EUR 7.80 a share, a premium of 42.34 percent, after which the share closed up 34.67 percent. The notifications alleged that Mr Mamou used this information and recommended that Mr Houri buy, and that Mr Houri used the recommendation.

The Commission held that the information was inside information from 10 June to 26 July 2021 at the latest. It found that Mr Mamou held it and used it on 15 July 2021 to buy 3,400 shares for himself and 2,390 for his wife, and on 23 July for 5,454 shares for his father. It found that he recommended purchases to Mr Houri, who bought 7,079 shares on 16 July.

It fined Mr Mamou EUR 30,000 and Mr Houri EUR 20,000 and ordered publication without anonymisation.

The record does not show how Mr Mamou obtained the information, the profit made, whether anyone 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. 2026-05-20 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.