A man previously investigated for his role in overseas boiler-room activities has been fined more than £1m by the FSA for deliberately inflating the share price of a Manchester-based brands business for financial gain.
Samuel Kahn has been fined £1.094m and, for the first time in the FSA's history, made subject to a High Court injunction 'restraining' him from committing market abuse. Between March and April last year, Kahn co-ordinated a scheme to inflate the share price of Global Brands Licensing, a company quoted on the PLUS Stock Exchange and specialising in products bearing the name of global celebrities. He orchestrated and controlled the vast majority of the trading in GBL's shares - manipulating 85% of the buy trades and 91% of the sell trades - and disguised his involvement by repeatedly im...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
