The Autorité des marchés financiers (AMF) announced on Wednesday May 10 a fine of 300.000 euros against the asset manager Foncière Magellan for having granted loans when it was not authorized to do so and for breaches linked to a conflict of interest.
Magellan was approved by the AMF to carry out asset management activities and had not provided in its "activity program" to grant loans.
The stock market policeman accuses him of having carried out, between 2017 and 2021, in the name and on behalf of the real estate funds he managed, a total of 50 loans for cumulative amounts of 69,8 million euros.
Magellan's lawyer, Me Serge Durox, had argued, during the session before the Sanctions Committee in mid-April, that these were internal loans to the group validated by auditors.
The AMF also concluded that "Foncière Magellan had failed in its obligation to have an efficient system for identifying, preventing and managing conflicts of interest".
This grievance concerns a real estate management contract granted to the company Solaris, of which the president and founder of Magellan Steven Perron holds 25% of the capital.
Since the AMF investigation, Magellan has signed a framework agreement with a broker to facilitate obtaining bank loans and has strengthened its system for managing conflicts of interest. Mr. Perron's interest in Solaris is also being sold.
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