Wash Trades, Cherry Picking Charges Leveled Against Amundi (1)

Amundi SA and two ex-employees were accused of carrying out wash trades and harming the interests of a client fund through so-called cherry picking at the asset manager by French regulators, risking millions in fines.

An official at France’s stock-market regulator recommended a combined 38 million euro ($45 million) fine for Amundi Asset Management and Amundi Intermediation, at a Paris hearing Wednesday. The Autorite des Marches Financiers official also said that Tullett Prebon risks a 5 million euro fine.

In the so-called wash trades carried out in 2014 and 2015, Amundi is alleged to have placed repeated buy and ...