Press publisher and politician Nicolas Miguet was sentenced to two years in prison, including one and a half years, to be executed by electronic bracelet, for manipulating the price of his own company Nicolas Miguet et Associés (NMA) in 2018. Quotidien de Paris Editions (QPE), the Association of Rebellious Shareholders (Arare) and the Association of French Taxpayers Rally (RCF), entities linked to Nicolas Miguet, were found guilty of the same acts and fined a total of 1.3 million EUR, of which more than 500,000 are suspended.
The Paris Criminal Court ruled that the orders issued by Nicolas Miguet on behalf of the three organizations mentioned above to buy or sell NMA shares had the effect of artificially maintaining the share price. The court also ruled that the information disseminated in Nicolas Miguet’s press titles and audioteles contributed to price manipulation. Contrary to what was defended by the defendant’s lawyer, according to the presiding judge, “intentionality is evident”.
Five-time presidential candidate
A five-year ban was also imposed on a politician who tried to run in the last five presidential elections without obtaining the required 500 sponsorships from elected officials. Specifically, QPE is fined €100,000 (including €27,612 suspended), Arare €800,000 (including €311,234 suspended) and RCF €400,000 (including €187,500 suspended). A fixed part of these fines corresponds to the achieved capital gains. Obligations to “make good the damage caused by the crime” and “to pay the sums owed to the State Treasury” were imposed, as well as the confiscation of various accounts of Nicolas Miguet and his companies.
The Financial Markets Authority (AMF) became a civil party early in the investigation, which the court deemed admissible and asked Nicolas Miguet and his three entities to “collectively pay 6,230 euros in compensation for material damages and a symbolic euro for the damages suffered by the savers .Nicolas Miguet was not present when the decision was handed down, “suffering” according to his lawyer Marc Goudarzian, who indicated his intention to file an appeal. His client was “relieved there was no order to pay,” he told AFP.