Repeat offender fined £1m by FSA

The financial Services Authority has slapped a £1.09m fine on a repeat offender for ramping shares and secured its first court injuction to prevent him from committing further market abuse. The City watchdog said Samuel Kahn co-ordinated a scheme to inflate the shares of Global Brands Licensing, quoted on the junior PLUS market, orchestrating and controlling most of the trades over one month last year.

Mr Kahn was fined in 2007 for his part in an overseas boiler-room scam that cheated 800 investors. If caught again, he could face jail.