Affaire Cybergun/AMF - Simmons & Simmons obtains a 90% reduction of the penalty applied against Amaury de Botmiliau

12 Feb 2019

Paris, 11 February 2019:  Eric Boillot, Partner in the Simmons & Simmons Paris office, defended Amaury de Botmiliau, former shareholder and Board member of Cybergun, in enforcement proceedings the Autorité des marches financiers (AMF) has been carried out against him since 2016.

Based on inside information relating to Cybergun’s cashflow situation, he was accused of having committed insider dealing twice in 2014, by selling stocks of the company and by recommending such trades to the management company which was in charge of his life insurance contracts.

The AMF’s Sanction Committee ruled in 2017 that these two breaches of regulation were constituted and applied a €2m penalty against Mr. de Botmiliau, one of the highest amounts ever applied by the AMF against an individual Board member.

Deciding upon Mr. De Botmiliau’s appeal on 07 February 2019, the Paris Court of Appeal partially overturned the Sanction Committee’s decision, by dismissing the grievance of recommendation to sell stocks. For the remaining grievance, the sanction was fixed at €200,000, ie a 90% reduction of the initial penalty.

Eric Boillot who assisted Amaury de Botmiliau before the Paris Court of Appeal declared: "The Court has issued a remarkably well-motivated decision. It has been a relief for Mr. de Botmiliau who always denied having tried to benefit from inside information."

Amaury de Botmiliau was represented before the Paris Court of Appeal by Me Matthieu Boccon-Gibod, Partner at Lexavoué Avocats.

For further information, please contact Matthieu Hénot, chargé de communication on +33 1 53 29 12 74 or at, or Mathilde Jean at FTI Consulting on +33 1 47 03 69 54 or email

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