Market: The AMF requires nearly one million euros in fines against Dutch traders

LAMF demands nearly one million euros in fines against Dutch traders

(BFM Bourse) – The Financial Markets Authority (AMF) on Friday demanded a total of 920,000 euros in fines against three traders and a Dutch brokerage firm, for price manipulation on the Paris Stock Exchange .

Caught up by the patrol several years later. Five respondents – Denis Van Tilborg, Diede Van Den Ouden, and Rob Kamsteeg as well as the companies Nyenburgh BV and Tilborg Trading BV – are accused of having manipulated the price of securities between 2013 and 2016 on the market of ‘Euronext Paris in order to make a profit.

Two shortcomings were identified: having carried out transactions which would have given on the one hand misleading indications on the supply, demand and price of securities, so as to ensure, on the other hand, a dominant position on the market aimed at unfair transactions, both illegal practices. These shortcomings fall within the “most classic modus operandi” in terms of price manipulation, observed the representative of the AMF college during the meeting of the Sanctions Committee.

He requested a fine of 500,000 euros against Denis Van Tilborg, who is accused of having made the most profit, 150,000 euros against Rob Kamsteeg as well as for the company Nyenburgh BV (of which Rob Kamsteeg is member of the board of directors), and 120,000 euros against Diede Van Den Ouden. He nevertheless retained the impossibility for the company Tilborg Trading BV to be sanctioned because of its liquidation.

“This file presents a worrying finding and calls for sanctions, it highlights behavior that is harmful to the French market, incompatible with the national and international rules that all French and foreign operators must respect,” said the representative of the college.

On the defense side, the traders’ lawyers criticized the investigation for a lack of method of calculating the profits made, which they said were less than the tens of thousands of euros charged to their clients. They also argued “the absence of fault” of their transactions, which they believe would result from simple “scalping” operations, a legal stock market strategy consisting of buying and reselling securities very quickly in order to make profits. Finally, the lawyers assured that the three traders had not acted in concert and had never met, calling into question the collective proceedings against them.

The Sanctions Commission’s decision is expected in the coming weeks.

(with AFP)

Quentin Soubranne – ©2022 BFM Bourse

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