The Spanish market regulator has fined former Barcelona player Gerard Piqué €200,000 ($236,000) for insider trading. The 2021 trade involved shares of the workplace safety company that it bought two days before the takeover news broke.
Spain’s National Securities Market Commission (CNMV) called the move a “serious crime” for the market on Monday. Piqué was sidelined by injury at Barcelona when he put the plan in place.
Inside Piqué’s Insider Trading Deal
The Spanish regulator said Piqué bought 104,166 shares in Aspy Global Services, an occupational health company, on January 20, 2021.
A tip from businessman Francisco José Elías Navarro alerted him to Atrys Health’s upcoming acquisition. Elías had the main role of Aspy.
Atrys publicly announced its €223 million ($263 million) offer six days later, pushing Aspy’s stock up nearly 20%.
Piqué left on January 27, selling €50,000 ($59,000). Elías was fined individually €100,000 ($118,000) for the illegal disclosure.
The two men have the right to appeal to the Supreme Court of Spain. The penalties explaining the latest security issues abroad, including Thai SEC charges against Bitkub’s chief technology officer.
Athletes Draw Biggest Marketing
Sports statistics have attracted the attention of regulators and prosecutors. Golfer Phil Mickelson returned nearly $931,000 in 2016 after selling Dean Foods shares as a gift from a gambler.
Former Tottenham owner Joe Lewis has pleaded guilty to selling the club through 2024.
Crypto-related crimes are also on the rise. British athlete CJ Ujah was the latest has been named in a UK investigation into a fraud scheme.
The case comes four years after the Tokyo 2020 doping ban derailed his athletic career. There are different cases of FTX collapse captured runners including Tom Brady and Stephen Curry.
Piqué’s dispute adds another famous name to the growing list of professional sportsmen whose foreign investments are subject to regulation.
A note Spain’s CNMV Fines Gerard Piqué 4 Times What He Made From Insider Trading Tip appeared for the first time BeInCrypto.
