The Spanish National Securities Market Commission (CNMV) has fined former Barcelona footballer Gerard Piqué €200,000 and businessman José Elías €100,000 for “very serious” breaches of market regulations. According to the CNMV, Piqué purchased 104,166 shares in the company Aspy Global Service after receiving privileged information from Elías. The sanctions were published in Spain’s Official State Gazette (BOE) on Monday.
José Elías, the majority shareholder and CEO of Aspy Global Services, informed Piqué of his intention to acquire the firm Atrys Health. Using this inside information, the ex-footballer bought shares in Aspy before the news became public and sold them once the acquisition was announced. The shares rose from €2.3 at purchase to €2.8 at the time of sale, allowing Piqué to realize a financial gain. The CNMV classified this as a “very serious” infringement.
According to specialized media calculations, Piqué’s profit from the transaction is estimated to be around €50,000. The BOE resolution specifies that the “communication of privileged information” occurred on January 22, 2021, at 5:05 PM. It states that José Elías is penalized for “illicit communication to Mr. Gerard Piqué Bernabéu.” The document details that the former Barcelona star bought the shares on January 22, 2021, and sold them five days later, on January 27 of the same year.
Both José Elías and Gerard Piqué may still challenge the sanctions through the courts. The BOE notes that “the resolution imposing the aforementioned sanctions has only become final in the administrative route, being subject to judicial review by the Contentious-Administrative Chamber of the National Court.”
