AMF Cracks Down with €4.15 Million in Fines for Market Manipulation and Misinformation

The French Financial Markets Authority (AMF) handed out €4.15 million in fines on December 11, 2024, targeting four companies and three individuals. At the center of the scandal were allegations of spreading false or misleading information and manipulating the share price of Auplata, a French mining firm, in a saga that reads like a cautionary tale of what not to do in finance.

Back in October 2017, Auplata inked a financing agreement with the EHGO SF fund to issue perpetual bonds (ODIRNANEs) tied to share subscription warrants (BSAs). Sounds straightforward enough—except for one glaring omission.

Auplata’s press release announcing the deal conveniently left out a key clause that drastically changed the financing costs. This wasn’t a minor oversight; this clause shaped the entire deal’s structure and left investors with a grossly distorted view of its true impact.

And it didn’t stop there. The AMF dug into Auplata’s 2017 financial statements and found that the company failed to mention how the clause worked, didn’t flag earn-outs paid under the deal, and skipped over its relevance in assessing ongoing financial risks. In short, Auplata’s reporting fell far short of the transparency investors—and regulators—expect.

A Leadership Problem?

The blame for these glaring gaps in disclosure landed squarely on the shoulders of Didier Tamagno, Auplata’s former CEO. The AMF fined him €300,000 for his role in disseminating misleading information.

Tamagno isn’t alone, though. RSM Paris, the company’s statutory auditor, and its partner Stéphane Marie also came under fire. The AMF ruled that their unqualified sign-off on Auplata’s financials amounted to spreading false information. Each was fined €50,000—a sharp reminder that the role of auditors is to question, not rubber-stamp.

Price Manipulation: A Breach Too Far

If the story ended with misleading statements, it would already be troubling. But the AMF uncovered something even more damaging: price manipulation.

After entering the financing agreement with Auplata, the EHGO SF fund went on a selling spree, dumping large volumes of Auplata shares despite publicly pledging to hold them and limit sales activity. This heavy trading skewed the company’s share price, violating market norms and shaking investor confidence.

The AMF didn’t hold back. It slapped European High Growth Opportunities Manco SA and Alpha Blue Ocean Inc.—the two entities controlling the EHGO SF fund—with fines of €1.5 million and €1 million, respectively. Their director, Pierre Vannineuse, also took a personal hit, receiving a €1.5 million fine for his part in the manipulation.

This case is more than just a black eye for the entities involved. It’s a clear message from the AMF that financial markets thrive on trust, and those who undermine it will pay the price—literally.

For investors, this serves as a reminder to scrutinize deals and disclosures closely. For companies, it’s a cautionary tale about the importance of transparency and ethics in every press release, financial report, and shareholder commitment.

The fined parties still have the option to appeal the decision, but the AMF’s findings cast a long shadow over their practices. Whether this case ends here or takes a turn in court, it’s a vivid reminder that in finance, the truth has a way of coming out—and when it does, the cost can be steep.

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