As gambling companies continue to grow in popularity, cases involving insider trading and illegal sports betting have become an increasingly recurring issue among current and former professional athletes.
The latest athlete tied to that trend is former Barcelona defender and World Cup winner Gerard Piqué, who was fined 200,000 euros, about $236,000, for insider trading after purchasing shares in a health and safety company days before it became the target of a takeover bid.
Spanish regulators said Piqué bought shares of Aspy Global Services "while in possession of privileged information" allegedly provided by businessman Francisco José Elías Navarro. According to the Financial Times, Piqué purchased the shares on Jan. 22, 2021, and sold them six days later for a significant profit.
In total, Piqué purchased 104,166 shares in Aspy Global Services shortly before Atrys launched a 223 million euro bid to acquire the workplace health and safety company. The Financial Times reported Aspy's stock price rose nearly 20% between the time Piqué bought and sold his shares.
Elías Navarro was separately fined 100,000 euros, about $117,000, for allegedly sharing the information with Piqué.
The sanctions were announced May 11 by Spain's National Securities Market Commission, which described Piqué's actions as a "very serious offense." Regulators did not disclose how much money Piqué made from the trades, though the Financial Times noted penalties can reach as much as four times the profit generated from illicit activity.
Piqué and Elías Navarro can appeal the ruling and penalties before Spain's National High Court.
Since retiring from professional soccer, Piqué has been linked to several controversies involving both his personal life and business dealings.
Last year, Piqué appeared before a judge as part of an investigation into alleged illegal payments tied to the relocation of Spain's Super Cup to Saudi Arabia.
Prosecutors allege the Spanish Football Federation and Saudi officials signed agreements in 2019 and 2020 establishing a 10-year deal to host the tournament in the Middle Eastern country for about $43 million annually.
Reports also alleged that Piqué's sports entertainment company, Kosmos, was set to receive an additional 4 million euros per year in commissions while he was still playing for Barcelona. Prosecutors opened an investigation into the deal in 2022 after leaked audio recordings between former federation president Luis Rubiales and Piqué discussed millions of euros in commission payments.
The case marks the latest instance of athletes becoming entangled in gambling or insider trading investigations.
In one of the most high-profile cases in recent months, FBI Director Kash Patel announced last October that 34 people, including current and former NBA players and coaches, had been charged in separate illegal gambling and poker schemes.
One indictment alleged former Portland Trail Blazers coach and Hall of Famer Chauncey Billups participated in illegal poker games allegedly tied to organized crime.
In a separate case, Terry Rozier, a guard for the Miami Heat, was accused of planning to leave a game early with an injury, allowing associates to place bets tied to his performance using insider information.
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