France’s market regulator issued almost 6.2 million euros ($8 million) in fines against six individuals and an investment firm for trading in shares of Net2S SA in 2007 based on insider knowledge of an offer by BT Group Plc.
The fines ranged from 60,000 euros to 2 million euros, and included a former BT official, and Intouch Investments, a firm formed by two former investment bankers in London who were also fined, according to the Autorite des Marches Financiers decision.
Two of those fined, a mother and son, will appeal, their lawyer, Jean-Dominique Lovichi, said. “The fines are very heavy” given their role, he said, and the AMF’s investigation had “procedural irregularities.”
Alexis Marraud des Grottes, a lawyer for Intouch and the two bankers, declined to comment on the decision.
A lawyer for the former BT official didn’t immediately return calls for comment.