Most Expensive Fake Gucci: Stock Options

And here I thought Canadians were always too mellow to rock the boat or --- gasp! -- commit crime. But no. Looks like one hot-fingered Canuck was busted and sentenced Thursday in Manhattan to four years in the pokey for fraudulently selling Gucci stock options. So tacky! Timothy Khan pleaded guilty in March to one count of securities fraud and one count of wire fraud. He's been ordered to serve 51 months in federal prison, serve an additional two years on supervised release, and pay close to $9 million in restitution.

Here’s the story:

“According to the original indictment, filed in April 2007, Khan masqueraded as a Gucci Group advisory board member in the mid-’90s. Using the ruse, he convinced an unnamed American investor that he had the opportunity to purchase and sell discounted options as part of the company’s 1995 initial public offering. Over the next 11 years, the victim wired millions of dollars to Khan with the purpose of purchasing the options. According to the indictment, Khan routinely lied over the same period as to why he could not exercise the options, sell the stock and deliver the proceeds, as the victim repeatedly requested.”

And here Gucci thought they had to worry about those counterfeit bags in Chinatown.