Jesper “Kasi” Nielsen, a businessman accused of “deceit” and “outright fraud,” is continuing to sell mini-shares of his potential profit to private investors, a scheme that has reportedly earned him over DKK 30 million. Despite heavy criticism from both Pandora, his former employer, and the consumer council Forbrugerrådet Tænk, Nielsen is proceeding with the sale.

The Danish Financial Supervisory Authority (Finanstilsynet) has declined to intervene, stating that the mini-shares do not constitute financial instruments covered by financial regulation. This decision means that investors who purchase these shares are not protected by the investor protection rules that apply to regulated financial products.

Nielsen’s battle with Pandora stems from his ownership stake in the company until 2010, when he was bought out for nearly DKK 400 million plus a potential bonus based on Pandora’s earnings over the subsequent five years. However, Pandora determined that Nielsen was not entitled to any bonus, leading to a dispute that went to arbitration.

Pandora’s lawyer, Jeppe Jensen, has accused Nielsen of luring people into investing in a “fictitious profit” to finance his lifestyle. He expressed surprise that such “deceit” is allowed and hopes Nielsen will return the money to those he has allegedly cheated.

Forbrugerrådet Tænk has also warned against investing in the mini-shares, comparing it to a lottery and noting that Nielsen has already lost his case against Pandora once. Chief economist Morten Bruun Pedersen criticized the scheme as a way to lure customers with the promise of potential profit.

Nielsen’s attempts to reopen the arbitration case have been rejected in both the Maritime and Commercial High Court and the Eastern High Court. He and members of his family have also sued Pandora at the Frederiksberg Court, seeking as much as DKK 12 billion.

Pandora’s lawyer dismissed the lawsuit as “absurd,” asserting that Nielsen and his family have no claim against the company and that he is desperately trying to revive a baseless claim that has already been decided in arbitration. The Frederiksberg Court has confirmed that the case is awaiting scheduling.