Former Barcelona star Piqué faces “extremely serious” market manipulation charges, fined €200k

Spain’s National Securities Market Commission (CNMV) on May 11 fined former Barcelona defender Gerard Piqué €200k, finding that his January 2021 conduct of using insider information to buy shares of professional health company Aspy Global Services constituted “very serious” market manipulation.

Details of the insider trading incident

According to the CNMV ruling, on January 20, 2021, Piqué learned from Aspy’s major shareholder Francisco José Elías Navarro that Atrys Health was about to launch a takeover offer for Aspy, and then purchased 104,166 shares of Aspy Global Services. Six days later, on January 27, Atrys Health publicly announced its €223 million (about $263 million) takeover offer; after the announcement, Aspy’s share price rose by about 20%. Per the CNMV ruling, Piqué closed his position on the same day, making a profit of about €50k (about $59k). The CNMV noted that when Piqué placed the buy order, he was absent from Barcelona matches due to injury.

CNMV’s decision and right to appeal

Under the CNMV ruling, Piqué was fined €200k, and Navarro was fined €100k. According to reports, both parties retain the right to appeal to Spain’s National High Court.

Other securities compliance-related cases in sports

According to reports, in recent years, multiple securities regulatory cases have also emerged in the sports world: golfer Phil Mickelson lost about $931k in 2016 through insider trading of Dean Foods shares and later repaid it; former Tottenham Hotspur club owner Joe Lewis pleaded guilty in 2024 regarding insider trading allegations. In addition, British sprinter CJ Ujah has recently been charged by UK police for allegedly participating in a crypto wallet seed-phrase scam scheme; American football player Tom Brady and basketball star Stephen Curry are also involved in lawsuits related to FTX’s collapse.

FAQ

What was the CNMV’s ruling date and fine amount for Piqué?

According to the CNMV ruling, on Monday the Spanish National Securities Market Commission fined Piqué €200k (about $236k), finding that in 2021 he used insider information of Aspy Global Services to buy shares and profit, constituting “very serious” market manipulation.

Which company and which takeover did Piqué’s insider trading involve?

According to the CNMV ruling, on January 20, 2021, Piqué bought 104,166 shares of Aspy Global Services. Six days later, Atrys Health publicly announced a €223 million takeover offer for Aspy, and Piqué closed his position on the day of the announcement, earning about €50k in profit.

Besides Piqué, who else did the CNMV penalize in this case?

According to the CNMV ruling, Aspy’s major shareholder Francisco José Elías Navarro was additionally fined €100k for illegally disclosing insider information to Piqué; both parties retain the right to appeal to Spain’s National High Court.