AMF Fines Two Amundi Group Companies
In its decision of 4 August 2021, the Enforcement Committee fined Amundi Asset Management, Amundi Intermédiation, Tullett Prebon and three of their former employees, Ludovic Delion, Gregory Saey and Thomas Vignon, between €20,000 and €25 million – totalling over €37 million – and handed down two warnings and two 10-year bans on practising related services.
During 40 intervention phases spread over 20 days between 26 May and 24 July 2015, Ludovic Delion, a manager at Amundi Asset Management, Gregory Saey, a trader at Amundi Intermédiation and Thomas Vignon, a broker at Tullett Prebon, made use of wash trades on the Euro Stoxx 50 Futures (FESX) market for significant and atypical volumes likely to have an impact, at least potentially, on the price of this instrument.
Wash trades are agreements for the sale or purchase of a financial instrument where there is no change in beneficial interests or market risk or where beneficial interest or market risk is transferred between parties who are acting in concert or collusion. The Committee concluded that these three respondents had manipulated the price of the FESX by using a fictitious device or any other form of contrivance.
- A fine of €25 million and a warning on Amundi Asset Management,
- A fine of €7 million and a warning on Amundi Intermédiation,
- A fine of €5 million on Tullett Prebon,
- A 10-year ban on practising individual and collective asset management for Mr. Delion,
- A 10-year ban on providing the services of third-party and own-account order reception and transmission for Mr. Saey,
- A fine of €20,000 on Mr. Vignon.
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