On 13 April 2026, FR AMF welcomed first criminal decisions in insider trading case.
- FR AMF welcomed Paris criminal court's conviction of three individuals for insider dealing and complicity, in a landmark case involving insider trading networks.
- These are the first criminal penalties specifically targeting insider trading networks, which the AMF identifies as a growing threat to market integrity.
- FR AMF played key role, acting as a civil party and providing expertise to support the criminal investigation and prosecution.
Background
- Case relates to illegal use of inside information about Air Liquide's planned takeover of Airgas in 2015.
- Individuals were identified through AMF investigations into suspicious trading activity, including use of prepaid phones and intercepted communications.
- Evidence showed confidential information was shared, used to conduct unlawful trades.
- Earlier in same case, four other individuals had already been convicted (2025–2026) under expedited procedures, with prison sentences and fines imposed.
Penalties
- Two individuals found guilty of using privileged information related to a takeover bid Air Liquide group was preparing for American listed company Airgas in Nov. 2015.
- Third person was convicted of complicity.
- Court imposed prison sentences of up to 3 years and fines of up to €30 mn, reflecting seriousness of the offences.
- Court ordered convicted individuals to pay procedural costs to FR AMF (€7,500 jointly).
- FR AMF reiterated its commitment to combating insider trading and called for stronger legal tools to enhance enforcement effectiveness.
