The AMF Enforcement Committee fines two individuals for insider dealing breaches
In its decision of 20 May 2026, the Enforcement Committee fined Mr Ytane Mamou and his cousin, Mr Elie Houri, a total of €50,000 for insider dealing breaches.
The Enforcement Committee first held that the information relating to the takeover of a listed company was inside information.
Next, the Committee examined, for each of the respondents, all the indicators relating to the existence of plausible transmission channels for the inside information, the atypical nature of the disputed transactions, their timing, the statements made by Mr Ytane Mamou and Mr Houri to the investigators and the absence of convincing explanations justifying the transactions in question.
On the basis of this analysis, the Enforcement Committee considered that Mr Ytane Mamou was in possession of the inside information in question and had used it to acquire shares in the listed company in July 2021 on his own behalf, on behalf of his wife and on behalf of his father. It also found that he had recommended an investment to his cousin, Mr Elie Houri, on the basis of this inside information and that Mr Houri had in turn used this recommendation to acquire shares.
The Enforcement Committee imposed a fine of €30,000 on Mr Ytane Mamou and €20,000 on Mr Elie Houri.
An appeal may be lodged against this 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.
Application by Mr Ytane Mamou and Mr Elie Houri to the Paris Court of Appeal for a stay of execution of decision SAN-2026-04
Mr Ytane Mamou and Mr Elie Houri have filed an application for a stay of enforcement of the decision of the Enforcement Committee of 20 May 2026.
Appeal lodged by Mr Ytane Mamou and Mr Elie Houri before the Paris Court of Appeal against decision SAN-2026-04
Mr Ytane Mamou and Mr Elie Houri have lodged an appeal before the Paris Court of Appeal against the Enforcement Committee's decision of 20 May 2026.
Cross-appeal lodged by the AMF Chairman before the Paris Court of appeal against the decision SAN-2026-04
The AMF Chairman has lodged a cross-appeal before the Paris Court of Appeal against the decision of the Enforcement Committee of 20 May 2026 insofar as it concerns Mr Ytane Mamou and Mr Elie Houri.
