Oct. 28 (Bloomberg) -- Tocqueville Finance SA, a Paris- based portfolio management company, and one of its executives were accused by France’s financial markets regulator of manipulating share prices.
Tocqueville and Marc Tournier, a fund manager there, bought up shares in June 2009 in order to drive up the price, representatives of the Autorite des Marches Financiers told the regulator’s board at a hearing today, asking the board to fine them a total of 250,000 euros ($354,000).
Tocqueville and Tournier disputed the accusation, saying the purchase decision was triggered when the share price fell and that the motivation was to increase their stake rather than inflate the price.
“It is their job to find stocks” whose prices may rise, said Francois Klein, a lawyer representing them. “That is what Mr. Tournier did.”
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