The Financial Services Authority (FSA) has obtained an injunction against UK-based Chesteroak Ltd, Bingen Investments, in Gibraltar, and Samuel Nathan Kahn because it believes they have been involved in assisting overseas boiler room activities in the UK.
The injunctions will stop Chesteroak Ltd, Bingen Investments Ltd and Kahn, from continuing their involvement in these activities and freeze their assets and other assets under their control. Chesteroak Ltd is believed to have either been dealing in investments as a principal or as an agent for others or was arranging investment deals without authorisation under the Financial Services & Markets Act 2000.
The FSA also alleges that Bingen Investments Ltd was arranging investment deals and that Kahn was knowingly involved in these regulated activities, also without authorisation.
Because Chesteroak Ltd, Bingen Investments Ltd and Kahn are not authorised by the FSA, investors may not claim compensation from the Financial Services Compensation Scheme or make a complaint to the Financial Ombudsman Service.