Gonzalo Bernardos, a prominent Spanish economist, has weighed in on the recent penalties imposed by the National Securities Market Commission (CNMV) on Gerard Piqué, former FC Barcelona star, and José Elías, owner of La Sirena. The regulator accused the duo of sharing privileged information during the purchase and sale of shares of Aspy Global Services in 2021, as well as using information deemed confidential by the CNMV.
The CNMV fined Elías €100,000 and Piqué €200,000 — the higher fine because his actions yielded a total profit of €49,000 from the overall operation. The case was discussed on the program ‘Más Vale Tarde’, hosted by Iñaki López and Cristina Pardo, who called Bernardos to analyze the situation.
The discussion began when the host noted, “It’s surprising that for such a small amount, he took such a big risk.” Bernardos, a professor at the University of Barcelona, outlined three possibilities. First, he said, “Even if you have millions of euros, you never want to miss an opportunity to make more money.” He then raised a thought: “We should also ask ourselves: what did Elías gain by involving Piqué and supposedly sharing that privileged information?” What he cannot understand is that “the CNMV doesn’t go after just anyone; what did Piqué and Elías do to get caught?” He remains puzzled by several aspects of the case.
Bernardos added, “When someone has inside information, they don’t buy or sell the shares directly. They have a friend or relative who is not famous do it.” He noted that to generate more money, Piqué should have told a few friends, but he didn’t. That is what surprises Bernardos most: “That he operated so recklessly seems very strange to me. This is quite absurd.”
