£1.1m Fine and First High Court Injunction Against Market Abuse

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On May 24, the UK Financial Services Authority (FSA) announced that it had fined Samuel Kahn £1,094,900 (approximately $1,790,000) and obtained a High Court injunction restraining him from committing market abuse. This was the first time the FSA had secured such a final injunction from the High Court.

The FSA stated that in March and April 2010, Mr. Kahn carried out a scheme to deliberately inflate the share price of Global Brands Licensing plc (GBL), a company quoted on PLUS Stock Exchange, a UK Recognized Investment Exchange. In that period he controlled the vast majority of the trading in GBL's shares and disguised this by impersonating others when placing orders. Mr. Kahn's false trading moved GBL's share price from 2 pence to 5.25 pence.

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Published In: Business Torts Updates, Civil Remedies Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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