PORTSMOUTH, N.H. (AP) — A former millionaire investment broker has been ordered to pay a New Hampshire filmmaker $10.5 million following a fraud investigation.
The Financial Industry Regulatory Authority ordered Karl Hahn to pay $4.1 million in compensatory damages and $6.4 million in punitive damages to Chase Bailey of Portsmouth. The Portsmouth Herald (http://bit.ly/10E3RlS ) says Hahn also faces criminal action.
In October 2011, he backed out of a plea agreement in New Hampshire’s federal court, where he was accused of defrauding Bailey.
Hahn couldn’t be reached for comment.
It’s the latest in a series of orders against Hahn, who’s been ordered to pay a Nevada couple $934,193 and to pay Deutsche Bank $2.8 million.
Information from: Portsmouth Herald, http://www.seacoastonline.com