An another
C#NT cought with the trousers down once again ..............
FSA Fines Samuel Kahn GBP1 Million, Secures First Final High Court Injunction
Samuel Nathan Kahn - Date of birth 2 December 1970
The Financial Services Authority or FSA has fined Samuel Kahn GBP1.09 million and obtained a High Court injunction restraining him from committing market abuse.
MAIN FACTS:
-This is the first time the FSA has secured a final injunction from the High Court to prevent market abuse and also the first fine calculated under the new penalties system.
-Between March 24, 2010 and April 30, 2010, Kahn co-ordinated a scheme to deliberately inflate the share price of Global Brands Licensing PLC (GBL), a company quoted on PLU.S. Stock Exchange a Recognized Investment Exchange.
-Kahn orchestrated and controlled the vast majority of the trading in GBL's shares in March and April 2010, disguising his involvement in the scheme by repeatedly impersonating other people when placing orders to trade in GBL's shares and co-ordinating trading conducted by third parties.
-The trading moved GBL's share price from 2 pence on March 24, 2010 to 5.25 pence at its height on April 20, 2010.
-The profits from this trading were withdrawn from a third party's bank account at Kahn's instruction and delivered to him in cash.
-The scheme also involved a significant proportion of GBL's shares being donated to charities.
-These donations were co-ordinated by Kahn and aimed at illegitimately taking advantage of GBL's artificially inflated share price for tax relief purposes and for the purpose of facilitating boiler room activities.
-This aspect of Kahn's scheme was not fully implemented due to the suspension of GBL's shares by PLU.S. on 30 April 2010.
-Kahn has never worked at an authorized firm regulated by the FSA but he was the subject of an FSA investigation and enforcement action in 2007 for his involvement in overseas boiler-room activities.
-In 2008 the FSA made Kahn bankrupt after he admitted liability for claims totaling up to GBP3.7 million made by the FSA on behalf of about 800 investors.
-In light of Kahn's previous misconduct and his more recent actions in GBL, the FSA has obtained an injunction at the High Court restraining Kahn from committing market abuse in future.
-This is the first occasion on which the FSA has exercised its powers under the Financial Services and Markets Act 2000 to obtain a final injunction against an individual to restrain market abuse.
-Kahn qualified for a Stage 1 30% discount on the penalty amount under the FSA's settlement discount scheme.
-The fine of GBP1.094,900 reflects this discount.




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