AMF France v. Jacques Tordjman (insider trading, 2017)

Settled

✓ 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 June 2017 the AMF agreed a settlement with Jacques Tordjman, a director of an Alternext-listed company, over two alleged uses of inside information on results in 2013 and 2015 and the non-reporting of twelve trades; he agreed to pay EUR 100,000.

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

€100k

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 AMF published an administrative settlement (accord de composition administrative) with Jacques Tordjman, dated 7 June 2017. This is not a contested sanctions hearing. The agreement took effect only once the AMF Collège validated it and the Commission des sanctions homologated it; the document gives the signing date but not the homologation date, so the signing date is used here.

The AMF alleged that Mr Tordjman, a director of a French software company (anonymised as X) listed on Alternext Paris, used inside information twice while sitting in board meetings. On 23 April 2013 he tried to sell 17,875 shares through his holding company, SPRL Jactor, after learning of a fall in the 2012 results; only 1,700 executed, avoiding an estimated loss of EUR 714. On 12 October 2015 he bought 1,945 shares for the same holding company during a board meeting at which a rise in half-year results was discussed, for a profit of EUR 1,945.

The second grievance was that he did not declare to the AMF any of twelve transactions in the shares made between March 2013 and October 2015 through the holding company, although he was required to as a director.

He agreed to pay EUR 100,000 to the Treasury within fifteen days of homologation. The agreement records that the Parquet national financier told the AMF on 21 December 2016 that it did not wish to bring a prosecution against him for these facts, so no criminal case is stated.

What the record does not show: the agreement describes conduct that the person "could" or "would" have committed, so it records allegations and undertakings, not a finding of breach, and it is not styled as a fine. It does not show whether any later challenge occurred.

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. 2017-06-07 Settlement agreed (homologated by the Commission des sanctions)

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 settlement page
• Settlement (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.