José Elías and Gerard Piqué have been penalized by Spain’s National Securities Market Commission (CNMV) for their involvement in a stock market transaction considered to involve privileged information. The case revolves around the 2021 purchase and sale of shares in Aspy Global Services, a company specializing in occupational risk prevention.
Following his retirement from football, the former FC Barcelona defender shifted his focus to business and investment. José Elías, on the other hand, is a well-known entrepreneur with interests in various sectors, particularly energy through Audax Renovables and other ventures such as La Sirena. Their paths crossed due to their ties to Aspy Global Services, a company that at the time was listed on BME Growth and undergoing potential corporate changes.
According to the CNMV, in early 2021, the healthcare firm Atrys Health was considering a takeover bid for Aspy. José Elías, a major shareholder in Aspy, was allegedly aware of advanced negotiations regarding this deal before any public announcement. This undisclosed information was considered material and capable of influencing the share price.
The regulator claims that Elías passed this information to Piqué before the official announcement. Subsequently, the former footballer purchased 104,166 shares of Aspy at around €2.3 each, investing approximately €240,000 while the market remained unaware of the impending bid.
On January 22, 2021, Atrys Health publicly announced its offer for Aspy, triggering an immediate stock surge. Shares rose sharply as the market adjusted to the news. Just a few days later, on January 27, Piqué sold his stake when the price had climbed to roughly €2.8 per share. According to the CNMV’s calculations, this transaction generated a profit of about €50,000 in a very short period.
The CNMV concluded that José Elías committed an infringement by disclosing privileged information, while Piqué engaged in market abuse by using that information to trade. Consequently, the regulator imposed a fine of €100,000 on Elías and €200,000 on Piqué, with the latter’s penalty reflecting the profit he gained.
