Paris Criminal Court Delivers Verdict in Casino Market Abuse Case
Paris, January 29, 2026 – The Paris Criminal Court has concluded a high-profile market abuse case involving the Casino Group, issuing convictions against five individuals and five legal entities. The verdict, delivered by the 32nd chamber of the court, found the defendants guilty of charges including private corruption, organized market manipulation, and insider trading, stemming from actions in 2018.
AMF’s Role in Uncovering the Scheme
This judgment is a direct result of several reports made by the Autorité des marchés financiers (AMF) to the National Financial Prosecutor’s Office (PNF) starting in January 2020. These reports denounced illicit activities identified during an AMF investigation launched in October 2018 into the financial information and trading of Casino and Rallye securities.
During their investigations, which included on-site visits, AMF investigators uncovered two key elements:
- A manipulative scheme orchestrated by Casino and Mr. Nicolas Miguet. This involved a remunerated business relationship, disguised as a consulting agreement and the sale of subscriptions to the ‘Hebdo BoursePlus’ newspaper.
- Facts potentially constituting insider trading. The communication director of the Casino Group allegedly transmitted privileged information regarding the acceleration and exceeding of the group’s asset disposal targets for debt reduction. This information was then reportedly used by Mr. Miguet to trade Casino shares and to issue positive recommendations on the stock to his audience and readership.
Given the criminal nature of these findings, the AMF promptly forwarded multiple reports to the PNF.
Cooperation Between AMF and PNF
The case highlights the effective cooperation between the AMF and the PNF. Following a referral procedure designed for market abuse cases, the PNF took over the prosecution due to the severe nature of the offenses. The AMF remained actively involved throughout the process, assisting magistrates with searches and hearings, responding to numerous requests from the PNF, and providing expert opinions. The AMF also joined the case as a civil party, a right granted by the 2003 Financial Security Law, allowing it to support public action by lending its expertise in complex financial cases and enhancing the effectiveness of criminal justice.
Penalties Imposed by the Court
The Paris Criminal Court’s decision on January 29, 2026, includes significant criminal penalties. These range from prison sentences of up to four years, including immediate imprisonment, fines up to 40 million euros, and professional bans. The convictions target the Casino Group and former senior executives, including Jean-Charles Naouri, Franck-Philippe Georgin, Nicolas Boudot, and Jacques Dumas, as well as Nicolas Miguet and three associated companies.
Several shareholders, who had also joined as civil parties, received compensation for material and moral damages. The court also deemed the AMF’s civil party claim admissible and recognized its moral prejudice. The decision of the criminal court is subject to appeal.
Related Investigations and Sanctions
Within the scope of the same investigation, which began in October 2018 concerning Casino and Rallye’s financial information and securities market, the AMF pursued another aspect of the case. On September 7, 2023, the AMF’s Sanctions Committee imposed monetary penalties totaling 26 million euros on Rallye SA and its CEO. These sanctions were for disseminating false or misleading information likely to set the price of Rallye shares at an abnormal or artificial level.
This investigation and its outcomes underscore the crucial collaboration between the PNF and the AMF. Such cooperation is essential for effectively detecting and prosecuting serious actions that undermine the integrity of financial markets and investor confidence.
About the AMF
The AMF (Autorité des marchés financiers) is an independent public authority responsible for safeguarding savings invested in financial products, ensuring investor information, and maintaining the proper functioning of financial markets. Visit our website: https://www.amf-france.org/fr
