First Criminal Rulings in Insider Network Case Involving Air Liquide/Airgas

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  The AMF welcomes the first criminal rulings in an insider network case

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  15 April 2026

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The AMF welcomes the first criminal rulings in an insider network case

On 13 April 2026, the Paris Tribunal Correctionnel convicted three natural persons for insider dealing or complicity in insider dealing. It handed down prison sentences of up to three years and fines of up to €30 million. This criminal decision marks the culmination of the first insider network case. The Autorité des Marchés Financiers (AMF) was a civil party to this case.

Today, the 32 nd Chamber of the Paris Tribunal Correctionnel found two natural persons guilty of having illegally used inside information about a takeover bid that the Air Liquide Group was preparing to launch for the US listed company Airgas, in November 2015. It also convicted a third person of complicity.

These three individuals had been identified by the Autorité des Marchés Financiers (AMF) as part of its investigations into suspicious transactions in several other securities that had been reported to the French National Financial Prosecutor's Office (PNF). One of these individuals used prepaid telephones identified by the AMF. These telephones were tapped by the judicial authorities revealing conversations about the planned operation, which was confidential, and therefore providing evidence of the transmission and use of inside information.

In view of the seriousness of the charges, the Tribunal Correctionnel handed down prison sentences of up to three years and fines of up to €30 million. The fine imposed on one of the natural persons was partially suspended. This decision may be appealed.

In the same case, in November 2025 and January 2026, four other people were already sentenced under plea bargains. This procedure enables the perpetrator of an offence who admits their guilt to be brought to trial quickly. Prison sentences of up to two and a half years, a part of which was to served immediately, and fines of up to €10 million, partially suspended, were handed down.

In this case, the AMF had responded to a request for an opinion from the investigating judge as part of the judicial investigation. The AMF was also a civil party in this case, as permitted by the Monetary and Financial Code since the 2003 Financial Security Act, which allows the AMF to corroborate public prosecutions by providing the criminal authorities with the benefit of its experience and its in-depth knowledge of highly technical cases, thereby helping to enhance the effectiveness of the criminal response. The court found the AMF's civil action admissible and ordered the respondents, jointly and severally, to pay the AMF €7,500 in procedural costs.

These are the first criminal penalties to be imposed in connection with insider networks. On several occasions in recent years, the Autorité des Marchés Financiers (AMF) has highlighted the growing phenomenon of insider networks, which undermine the integrity of the financial markets and weaken investor confidence. The activity of these networks, which can involve a large number of people and substantial amounts invested, has also been identified in other financial centres. On the occasion of this court decision, the AMF reaffirms its determination to combat such practices.

These first sanctions demonstrate the ability of the French authorities to fight to preserve the integrity of the Paris financial centre, but also the need to strengthen the AMF's legal tools so that it can combat these illicit activities more effectively. Last year, when we presented our annual report to the National Assembly's Finance Committee, I mentioned several measures that would enable the AMF to step up the effectiveness of its enforcement work. Since then, in September 2025, deputy Daniel Labaronne has tabled a bill in the French National Assembly. We hope that it will be put on the parliamentary agenda as soon as possible.
Marie-Anne Barbat-Layani, AMF Chair About the AMF
The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected and that investors are provided with adequate information. The AMF also supervises the orderly operations of markets. Visit our website: https://www.amf-france.org/en

Press contact

AMF Communications Directorate +33 (0)1 53 45 60 28 media [at] amf-france.org

Read more

• Communiqué de presse de la 32ème chambre correctionnelle – Jugement du 13 avril 2026 (In French only)

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