violated the holding period when he sold shares at the price level in February 2000. Thomas Haffa retired on 25 July 2001 as Chairman of the Board of EM.TV. He was sentenced to a fine of 1.2 million euros on 8 April 2003, his brother Florian to 240,000 euros because of misrepresentation of the company relations. The Federal Court of Justice confirmed this judgment at the end of 2004, the Federal Constitutional Court rejected a complaint from the Haffa brothers as "unfounded" in 2006. Thus, they were finally sentenced to criminal law. Both brothers had to submit to hundreds of court cases. Despite a ruling by the Federal Court of Justice in favor of injured shareholders, many of EM.TV's shareholders were not successful in their claims for damages because the required evidence of a direct link between the erroneous company reports and the decision of purchasing shares was difficult to provide. In 2004, an investor group within Thomas Haffa, transferred the operative business of the insolvent commercial vehicle company Kögel Trailer in Ulm. Kögel had to file for insolvency again in 2009. Thomas Haffa is the managing director of Munich-based Air Independence. In the spring of 2010, he acquired the majority of the teleshopping channel Channel 21. In May 2010, he and his wife Gabriele bought the shipping company Dahm International, which is one of the world's largest yacht dealers. References Living people Businesspeople from Bavaria 1952 births People from Pfaffenhofen (district)