The AMF Enforcement Committee fines seven people, four for price manipulation and three for failing to comply with reporting obligations
In its decision of 24 January 2024, the Enforcement Committee imposed fines of between €400,000 and €2,000,000 on Grantchester Equity Ltd, Mr Miron Leshem, Mr Dirck Van Wylick and Mrs Aude Planche for manipulating the share price of Gour Medical, Umalis Group and/or CIOA, which are listed on Euronext Access. It also imposed fines of between €25,000 and €100,000 on the directors of these three companies, Serge Goldner, Christian Person and Léon Lucide, for reporting breaches.
The Committee found that the same scheme, consisting of coordinated actions by various players, had been implemented on the shares of the three companies in question and had created an illusion of abundant liquidity for these shares. The Committee considered that such behaviour constituted a breach of price manipulation by fixing the price of Gour Medical, Umalis Group and CIOA shares at an abnormal or artificial level, by making false or misleading statements about the supply, demand or price of these shares, by using fictitious procedures or any other form of deception or artifice, and by creating a dominant position such as to fix the purchase and sale prices of these shares.
The Committee then examined the personal conduct of the defendants in carrying out the manipulative scheme. It found that Grantchester Equity Ltd and its chairman, Mr Leshem, had breached their obligations by devising the manipulative strategy and participating in its effective execution and control, while deriving substantial economic benefit from it. The Committee also considered that Mr Van Wylick and Mrs Planche should be regarded as having collaborated in the price manipulation, such that they are also regarded as having committed the breach.
Finally, the Committee found that the respective directors of the companies in question, Messrs Goldner, Person and Lucide, had failed to fulfil their obligation to report transactions.
An appeal may be lodged against this decision.
Appeal lodged by Ms Aude Planche and Mr Christian Person before the Paris Court of appeal against the decision SAN-2024-02
Ms Aude Planche and Mr Christian Person have lodged an appeal with the Paris Court of Appeal against the decision of the Enforcement comittee of 24 January 2024.
Application by Ms Aude Planche and Mr Christian Person to the Paris Court of Appeal for a stay of execution of decision SAN-2024-02
By order dated 10 July 2024 (n° 24/06025), the judge delegated by the First President of the Paris Court of Appeal dismissed M. Christian Person's application for suspension of enforcement of the decision of the Enforcement Committee of 24 January 2024.
By order dated 10 July 2024 (no. 24/05189), the judge delegated by the First President of the Paris Court of Appeal ordered a stay of execution of the Enforcement Committee 's decision of 24 January 2024 in respect of Ms Planche, with the exception of the publication of the decision.
About the Enforcement Committee
The Enforcement Committee, which is made up of judges and professionals, has total freedom to make decisions. It can impose sanctions on any person or company whose practices contravene laws and regulations that fall within the jurisdiction of the AMF. It ratifies settlement agreements signed by the Secretary General and respondents. And it takes part in the AMF’s educational efforts by clarifying financial regulations when explaining its decisions.
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