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FINANCIAL SERVICES AUTHORITY v (1) THEDFRED LEMONTE SHEPHERD (2) TREADSTONE CORPORATION LTD (A company incorporated in St Lucia)

When exercising its wide discretion under the Financial Services and Markets Act 2000 s.380 and s.382, a court was to balance the interests of the investors concerned against the culpability of the contravener of the Act. It was incumbent upon a court to consider all the circumstances that bore upon the fairness of an order it made.

9 June 2009

The court was required to determine issues arising from a summary judgment obtained by the claimant authority against the first defendant (S) and the second defendant company (T) for contraventions of the Financial Services and Markets Act 2000. S was the sole director and shareholder of T and was responsible for the conduct of its business. T had purchased shares in a company and made unauthorised sales of the shares to individuals at a price greater than that paid by T and greater than their value. Summary judgment was obtained for contraventions of s.19(1) and s.21. The authority was subsequently informed that the majority of investors wished to return their shares and receive their money back. The instant court was required to determine what steps, if any, T and S should, pursuant to s.380(2), be required to take to remedy the contraventions and what sum, if any, it would be just to require them to pay by restitution under s.382(2) in relation to the amount of all profits that h...

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