The AMF imposes a fine of 365.000 euros on a real estate fund and its managers

Its two main managers were also fined a total of 65.000 euros.

The repressive body of the market policeman highlighted in its decision “characteristic failures” which extend over “more than four years” and which “testify to negligence” with regard to the protection of investors.

He first criticizes "gaps" in the conflict of interest and selection of service providers system as well as "deficiencies" in its implementation.

Thus, the company "did not inform all investors in a clear, accurate and non-misleading manner of the existence of conflicts of interest and the payment of retrocessions of subscription commissions to certain investors", according to the decision.

The sanctions commission also considered that Inter Gestion Reim had "failed in its obligation to establish a procedure for valuing real estate assets" as well as put in place "a system to combat money laundering and the financing of operational terrorism ".

The commission, however, considered that "no element of the file" allows us to say that the customers were harmed due to these failings.

Inter Gestion Reim will thus have to pay 300.000 euros in fines, its CEO Gilbert Rodriguez 50.000 euros and its deputy general manager Jean-François Talon 15.000 euros, both of whom will also receive a warning.

The decision is subject to appeal.