On 21 December 2011, the AFM imposed a EUR 96,000 fine on Mr Homburg, a former director of Homburg Invest, a real estate fund in distress. In the AFM's view, Mr Homburg disseminated information during a TV program that gave an incorrect and misleading signal with regard to the share price of Homburg. In doing so, Mr Homburg violated the prohibition on market manipulation as set out in the FMSA.
In the interview, Mr Homburg suggested that a press release containing positive news would be issued just prior to an annual general meeting in 2009. According to the AFM, he did this even though he should have reasonably understood that investors would in fact respond negatively to the press release because it would mention that no dividend would be paid for 2009. During the days after the interview, Homburg Invest stock rose by more than 38%. But after the press release it fell to a lower level than before the interview. During this period no other relevant news about Homburg Invest was published.
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