Spain's market regulator, the CNMV, has fined former Barcelona defender Gerard Piqué €200,000 ($236,000) for insider trading. The penalty stems from a share purchase Piqué made in January 2021, just days before a public takeover bid that sent the stock price up by roughly 20%. According to the regulator, the former footballer netted an estimated €50,000 ($59,000) profit from the trade.
The tip and the trade
On January 20, 2021, Piqué bought 104,166 shares in Aspy Global Services. Two days later, Atrys Health announced a €223 million tender offer for the company. The CNMV says Piqué acted on a tip from businessman Francisco José Elías Navarro, a major Aspy shareholder at the time. Elías was separately fined €100,000 for unlawful disclosure of inside information. Piqué sold his entire stake on January 27, after the stock had climbed roughly 20% on the news.
Piqué's sidelined status
Notably, Piqué was sidelined with an injury at Barcelona when he placed the order. The timing has raised questions about how a player focused on recovery came to act on a corporate tip. The CNMV's investigation found no evidence that Piqué himself disclosed the information to others, but his decision to trade on the non-public tip violated market rules.
Other athletes in insider trading cases
Piqué joins a growing list of high-profile athletes who've faced insider trading allegations. Golf star Phil Mickelson, former Tottenham Hotspur owner Joe Lewis, British sprinter CJ Ujah, NFL quarterback Tom Brady, and NBA great Stephen Curry have all been involved in similar cases, though the outcomes and penalties have varied widely.
Both Piqué and Elías retain the right to appeal the CNMV's decision at Spain's National High Court. Whether either will exercise that right remains an open question.
