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FSA bankrupts “boiler room” boss

The FSA has obtained a bankruptcy order against two unauthorised UK-based companies that helped boiler rooms sell £3.7m in illegal shares to investors.

In October 2007, Samuel Nathan Kahn, who controlled the affairs of Chesteroak Ltd, and Bingen Investments Ltd, admitted liability for claims totaling up to £3.7m made by the FSA on behalf of about 800 UK investors, but disputed the amount.

Kahn then placed himself into an Individual Voluntary Arrangement to try to defeat the FSA’s claim.

As a result, the FSA applied for Kahn’s bankruptcy so a claim for the full amount he owed to investors could be made against his estate.

Head of Retail Enforcement at the FSA Jonathan Phelan, says: “We will use every power available to us under the law, including freezing assets and making people bankrupt, against any UK company or person who helps boiler rooms steal money from investors. The bankruptcy order will ensure that Kahn’s affairs are investigated which could mean that investors get some of their money back.”


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