The Liège public prosecutor’s office plans to appeal the acquittal of businessman François Fornieri, the founder of biotech company Mithra, who was acquitted of insider trading. One of Fornieri’s lawyers, Philippe Culot, confirmed the news to the French-language business newspaper ‘L’Echo’.
Last Tuesday, Fornieri was acquitted by the criminal court of Liège of all insider trading charges. He faced a suspended prison sentence of 18 months, a fine of up to 60,000 euros, the confiscation of 233,160 euros, 40,000 euros in court costs and a professional ban.
Fornieri is the main shareholder and founder of the Liège biotech company Mithra. He was suspected of using sensitive and confidential information – which other investors did not have and which could influence the company’s share price – to the advantage of a close friend.
The court ruled that Fornieri indeed had inside information when Samuel Di Giovanni, founder of security firm Protection Unit, bought his shares. However, the two had numerous exchanges in the context of a professional and friendly relationship. There is no indication that Fornieri passed on the information in question during their contacts.
Di Giovanni, in turn, agreed a criminal settlement with the prosecutor’s office. It was approved by the court.
The court in Liège. © Photo News
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2024-02-26 22:50:00
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