According to AMF, the trader was found to have used insider data to inform the sale of shares from Société Générale in August 2007. The sale was made before the start of the subprime mortgage crisis, which pre-empted the global financial crash. Mr Mustier, who resigned from his position with the bank in August 2009, is expected to file an appeal against the ruling by the AMF.
The AMF said in a statement that “the level of Mr Jean-Pierre Mustier’s responsibilities imposed on him” a duty to not to sell the shares when he did.
Mr Mustier was in charge of Société Générale’s investment banking unit during the period when Jerome Kerviel worked with the firm.