Spain’s CNMV (National Securities Market Commission), the stock market regulator, fined former Spanish national team defender Gerard Piqué and Francisco José Elias for using privileged information related to Atrys Health’s plan to buy Aspy Global Services in 2021, the body said on Monday (11).
The CNMV fined Elias €100,000 (R$577,000) for illegally sharing privileged information and Piqué €200,000 (R$1.1 million) for using this information to buy 104,166 Aspy shares on January 20, 2021.
Piqué, owner of FC Andorra and founder of the Kings League, was sentenced to a fine twice as large as that of Elias, due to his role as a receiver of information that was used to trade shares, in a rare case of accusations of insider trading against a prominent sports figure.
The inside information, which concerned negotiations regarding Atrys Health’s planned bid for Aspy Global Services, became public two days later.
The regulatory body stated that Piqué sold the shares on January 27, 2021, obtaining an economic gain.
Based on historical data from LSEG, Aspy shares closed the trading session on January 20th at €2.36 (R$13.61), and at €2.80 (R$16.14) on January 27, 2021.
Applied to the number of shares traded, this implies an estimated profit of around €45.8 thousand (R$264 thousand).
The resolution is dated April 22 and the sanctions are final in the administrative process, although they can still be challenged before the National Court of Spain.
