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

more+
less-

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.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


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.

© Katten Muchin Rosenman LLP | Attorney Advertising

Written by:

more+
less-

Katten Muchin Rosenman LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×