Former Société Générale investment bank head Jean-Pierre Mustier has been fined €100,000 (£81,950) by France's AMF financial regulator over insider trading as the financial crisis began.
Former SocGen non-executive director Robert Day has been cleared as part of the same investigation, the AMF said yesterday, City AM reports The watchdog said that Mustier had access to inside information on potential subprime mortgage-related losses at the bank when he sold 6,000 SocGen shares in late 2007, though it said the shares were a tiny part of the whole portfolio he offloaded. It said he used his banking knowledge, particularly of collateralised debt, to see the shares at a profit. Read more...
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