Over $1 Million in Fines Hitting Ubisoft Executives Accused of Insider Trading
Ubisoft is well known for its games features protagonists that have knowledge and skills that gives them an advantage over the worlds in which they occupy and explore, but now it seems that their executives may have taken these traits to questionable excess in the real world. We recently reported about Ubisoft’s executives being accused of using their knowledge of the company’s plans to their own advantage in investing. Now it seems that these accusations will be coming with punishment, as fines hitting Ubisoft executives involved in this insider trading are going to exceed $1 million.
This news comes from Kotaku, who reported that the French stock market regulation group, the Autorité des marchés financiers or AMF, made their sanctions against the Ubisoft executives official. The sanctions in total will add up to €1.2 million, with the breakdown listed as follows:
Ubisoft Montreal CEO Yannis Mallat – €700,000
Ubisoft VP of corporate affairs Francis Baillet – €200,000
Ubisoft worldwide studios exec director Christine Burgess – €200 000
Ubisoft brand development director Damien Moret – €15,000
Kotaku also reported that Ubisoft intends to appeal the decision and defends their employees, believing that their employees could not have known about the delays of Watch_Dogs and The Crew which caused the suspicions of insider trading in the first place. “We are convinced that these team members did not intentionally commit any acts contrary to market regulations”, said the Ubisoft spokesperson. Between this and the potential Vivendi hostile takeover we reported on previously, Ubisoft certainly has their hands full of legal kerfuffles. What do you guys think? Is the AMF in the right? Are these fines hitting Ubisoft fair or not enough? Let us know in the comments below!
Be sure to stay tuned here for all of the latest Ubisoft news here on Don’t Feed the Gamers!
Cory Lara2137 Posts
A royally radical and totally tubular 90s kid, Cory has a passion for all things nerdy, particularly gaming and nostalgia. While an accountant by day, he strives to be as creative and humorous as possible in his free time, be it here writing on Don't Feed the Gamers, or making dumb satirical posts on his Twitter, Youtube, Facebook and Instagram accounts.