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The AMF condemns Dutch traders to nearly 800,000 euros in fines

2022-05-10T18:09:57.141Z

The commission accuses them of having carried out “price manipulation by false or misleading indications”.



The Financial Markets Authority (AMF) on Tuesday sentenced three traders and a Dutch brokerage firm to a total fine of 780,000 euros for price manipulation on the Paris Stock Exchange.

Five defendants - Denis Van Tilborg, Diede Van Den Ouden, and Rob Kamsteeg as well as the companies Nyenburgh BV and Tilborg Trading BV - were accused of having manipulated the price of securities between 2013 and 2016 on the European market. 'Euronext Paris in order to make a profit.

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Misleading securities price indications

Two shortcomings had been 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.

The Commission "

concluded that the interventions of the defendants

did indeed constitute"

price manipulation by false or misleading indications

" which also enabled them to secure a dominant position on the market, which "

had the effect of creation of unfair trading conditions

”.

Read alsoHow the AMF hunts down stock market fraudsters

The Enforcement Committee therefore sentenced Rob Kamsteeg and Diede Van Den Ouden to fines of 100,000 and 80,000 euros respectively.

Denis Van Tilborg, who is accused of having made the most profit, was sentenced to a fine of 400,000 euros.

Nyenburgh BV, of which Rob Kamsteeg is a member of the board of directors, was fined 200,000 euros, more than the 150,000 initially required.

On the other hand, the AMF held that it was impossible for the company Tilborg Trading BV to be sanctioned because of its liquidation.

Source: lefigaro

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