AMF France v. Jean-Philippe Cridlig (insider trading, 2025)

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 May 2025 the AMF agreed a settlement with Jean-Philippe Cridlig, manager of a fund adviser, over the sale on 14 April 2022 of 42,826 shares subscribed in a private placement before it was announced; he agreed to pay EUR 35,000.

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

€35k

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 Jean-Philippe Cridlig, dated 28 May 2025. 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.

Mr Cridlig manages Hexagon Advisor, adviser to the Hexagon Capital Fund. The AMF opened an investigation in September 2022 into a company listed on Euronext Growth.

The AMF said that a reserved capital increase at EUR 4.67 per share, at a discount of about 15%, was announced on 19 April 2022 and the shares fell 9.11%. He signed a confidentiality agreement on 8 April and a personal subscription form for 42,826 shares on 11 April. On 14 April he sold all of them for EUR 233,805 gross, a gain of EUR 33,808. He described the sale as an inattention error.

He agreed to pay EUR 35,000 to the Treasury within fifteen days of homologation. A settlement with another subscriber is recorded separately.

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. 2025-05-28 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.