SPANISH ex-football star Gerard Pique has been hit with a €200,000 fine after making a profit on the stock market using insider information.
The penalty was issued by Spain’s financial regulator, the CNMV, after the former Barcelona defender earned an estimated €47,000 from the deal.
According to reports, business tycoon Jose Elias tipped off Pique that healthcare services company Aspy was about to be bought by a larger group, called Atrys, in January 2021.
Before the takeover was publicly announced, Pique bought more than 100,000 Aspy shares on January 20 – then sold them a week later after the price jumped.
The share value reportedly surged by around 20% once the deal was made public on January 22.
Using non-public company information to trade shares is known as insider trading and is illegal under Spanish law.
The CNMV also fined Elias €100,000 for unlawfully passing on confidential information.
Both penalties are administrative, meaning Pique and Elias can still appeal the decision in Spain’s National Court.
The ex-Barcelona star was previously placed under investigation in 2019 after being accused of illegally earning more than €35 million to help relocate the Spanish Super Cup to Saudi Arabia.
Pique’s company Kosmos reportedly received the money in a deal with the Spanish FA to broker the move.
The former defender has always denied any wrongdoing.
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