PARIS, FRANCE – April 10, 2026 – Jean-Yves Bajon, a prominent figure in the French financial advisory sector, has been implicated in a significant investment fraud scheme that cost dozens of investors an estimated €50 million. The AMF Enforcement Committee, France’s financial market regulator, has levied fines and disciplinary sanctions against Bajon and his firm, Smart Tréso Conseil, for breaches of professional obligations related to the marketing and management of the Smart Tréso securitisation investment fund.
The decision, initially rendered on November 4, 2024, found Smart Tréso Conseil and its directors, including Jean-Yves Bajon, accountable for failing to act honestly, fairly, and professionally. These shortcomings were directly linked to the inclusion of ineligible and fraudulent receivables within the fund’s assets, leading to substantial investor losses. The total fines imposed by the AMF on all involved parties in this complex web of financial malfeasance amounted to €5.67 million.
The Charges Against Jean-Yves Bajon
Jean-Yves Bajon, as a director of Smart Tréso Conseil, faced charges stemming from his firm’s role as the financial investment advisor for the Smart Tréso securitisation investment fund (FCT). The core accusation centers on the firm’s failure to uphold its professional obligations concerning the eligibility of receivables that the fund acquired. Specifically, Smart Tréso Conseil, under Bajon’s directorship, neglected to perform necessary controls, particularly the ‘line-by-line’ verification of receivables, allowing fraudulent and ineligible assets to contaminate the fund.
The AMF Enforcement Committee found that these breaches were directly attributable to the firm’s directors. The alleged actions occurred between 2016 and 2021, culminating in a systematic disregard for investor protection and regulatory standards. While the specific amount of Bajon’s individual fine is not detailed, it forms part of the cumulative €5.67 million in penalties handed down by the regulator.
Scale of the Crime
The Smart Tréso securitisation affair represents a stark warning to the investment community. This fraudulent scheme resulted in a staggering loss of €50 million for dozens of unsuspecting investors. The mechanism of the fraud was intricate: the Smart Tréso fund, designed to acquire receivables from small and medium-sized enterprises (SMEs), became a conduit for ineligible and fabricated invoices. The fraud was unearthed in late 2020 when Eurotitrisation, the fund’s asset management company, discovered over €30 million in false invoices issued by a single company, L2V Ascenseurs, which subsequently entered judicial liquidation in the summer of 2021.
The web of complicity extended beyond Smart Tréso Conseil. Entrepreneur Invest, responsible for marketing the fund, continued its activities despite knowing about the ineligible receivables. Eurotitrisation failed to provide transparent information to investors, and even RBC ISBF (now CACEIS Bank), the fund’s depositary, was found to have significant shortcomings in its oversight and diligence.
“The sheer scale of the investor losses, coupled with the systemic failures across multiple entities, highlights a profound breach of trust and a critical lapse in regulatory compliance within the French securitisation market.”
Who Is Jean-Yves Bajon?
Jean-Yves Bajon is identified as a French national and a director of Smart Tréso Conseil, a financial investment advisory firm. Prior to the AMF’s findings, his firm held a position of trust, advising on financial investments, particularly through the Smart Tréso fund. His directorship placed him at the helm of decisions that ultimately led to the substantial breaches of professional obligations and the subsequent financial detriment to investors.
Investigation Details
The investigation was spearheaded by the AMF Enforcement Committee, France’s primary financial market regulator. The probe spanned the period between 2016 and 2021, meticulously uncovering the systemic failures that allowed the fraud to flourish. The AMF identified a total of 28 grievances against the various parties involved, meticulously detailing how ineligible and fraudulent receivables became integrated into the fund’s assets.
The AMF’s findings underscored a lack of robust internal controls at Smart Tréso Conseil and a collective failure by all involved parties to safeguard investor interests. The discovery of false invoices from L2V Ascenseurs served as a crucial turning point in the investigation, peeling back the layers of a complex scheme that had gone undetected for years.
What Happens Next
While the AMF Enforcement Committee issued its decision on November 4, 2024, the legal battle is not entirely over. An appeal against the decision has been lodged before the Conseil d’Etat by several involved parties, including Entrepreneur Invest, Eurotitrisation, and Asteren (as liquidator of Smart Tréso Conseil). An application for suspension of the Enforcement Committee’s decision was rejected by the urgent judge of the Conseil d’Etat on January 15, 2025.
Further legal complexities arose when the Conseil d’Etat, on June 24, 2025, referred a question of constitutionality to the Conseil Constitutionnel. This led to a ruling on September 26, 2025, that a specific provision of the Monetary and Financial Code was contrary to the Constitution. The precise implications of these ongoing legal challenges for the final sanctions against Jean-Yves Bajon and the other parties remain subject to the judicial process. However, the initial findings and fines underscore the gravity of the breaches committed.
Protecting Yourself
This case serves as a critical reminder for investors to exercise extreme vigilance. Several red flags were evident in the Smart Tréso affair. Always scrutinize the eligibility of underlying assets in securitisation funds; a lack of transparency regarding these assets is a major warning sign. Ensure that financial advisors demonstrate a clear commitment to acting honestly, fairly, and professionally, especially regarding due diligence on investments. Be wary of firms that continue to market funds despite known issues or that fail to provide clear, accurate, and non-misleading information. Finally, verify that depositaries and asset managers have robust oversight mechanisms in place. Diligence in checking investment rules and asset mixes is paramount. For more information on related fraud investigations, consult our archives.
Investors must remain proactive in their financial decisions, demanding transparency and accountability from all parties involved in their investments. The Smart Tréso case underscores that even regulated entities can falter, and a critical, informed approach is the best defense against sophisticated financial fraud.
