The AMF Enforcement Committee fines three individuals a total of €590,000 for price manipulation
In its decision of 3 February 2025, the Enforcement Committee imposed fines of €500,000 on Frédéric Marty, €60,000 on Adriana Marglewska and €30,000 on Olivier Blin for price manipulation.
The Committee analysed 250 sequences relating to the shares and warrants of 39 companies. A warrant is a financial instrument which gives its holder the right to buy or sell a share at a given price and on a given date.
For each of the sequences, the Committee observed the same modus operandi: Mr Marty would place orders for the shares in order to raise their price and, consequently, the price of the warrants. Then, in less than 30 minutes, he, Ms Marglewska or Mr Blin would buy and resell warrants to take advantage of price fluctuations.
The Committee found that Mr Marty's orders for the shares, combined with his operations and those of Ms Marglewska and Mr Blin on the warrants, constituted manipulative behaviour involving false or misleading information, the fixing of a price at an abnormal or artificial level, and the use of fictitious device or any other form of deception or contrivance.
It held that Mr Marty was guilty of price manipulation on account of the orders he had placed for the shares in the 39 companies and his concomitant operations on the warrants. It found that Ms Marglewska and Mr Blin should be deemed to have collaborated in price manipulation, such that they were also guilty of this breach.
An appeal may be lodged against this decision.
Appeal lodged by Mr Frédéric Marty and Mr Olivier Blin before the Paris Court of Appeal against decision SAN-2025-02
Mr Frédéric Marty and Mr Olivier Blin have lodged an appeal before the Paris Court of Appeal against the Enforcement Committee's decision of 3 February 2025.
Application by Mr Frédéric Marty to the Paris Court of Appeal for a stay of execution of decision SAN-2025-02
By order of 16 July 2025 (n°25/05289) the judge delegated by First President of the Paris Court of appeal dismissed Mr Frédéric Marty's application for suspension of enforcement of the decision of the Enforcement Committee of 3 February 2025.
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.
