Wash Trades Lead to Record Fine for French Asset Manager (2)

Amundi SA was handed a record French fine after the stock-market watchdog accused the asset manager and two ex-employees of carrying out wash trades and harming the interests of a client fund.

Amundi Asset Management and Amundi Intermediation were fined a combined 32 million euros ($38 million) by the enforcement committee of France’s Autorité des Marchés Financiers on Thursday.

The two former Amundi employees were banned from the industry for 10 years. The pair, in 2014 and 2015, placed repeated buy and sell orders in quick succession -- a technique known as wash trades.

The wash trades amounted to market ...