Elliott Fined for Insider Trading by French Market Regulator
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Billionaire Paul Singer’s Elliott Management Corp. was fined 16 million euros ($22 million) by France’s markets regulator for insider trading of a toll-road company.
The Autorite des Marches Financiers found that Elliott used material nonpublic information in the purchase of shares of Autoroutes Paris-Rhin-Rhone SA in 2010, according to a letter the hedge-fund firm sent to clients today. The AMF had said Elliott’s U.K. unit traded in the company while negotiating to sell its stake in the road company to a third party. The regulator told Elliott the hedge-fund firm didn’t commit market manipulation or artificially inflate the share price.