Testimony: Testimony Concerning Insider Trading(Linda Chatman Thomse.
http://www.sec.gov/news/testimony/2006/ts092606lct.htm

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Testimony Concerning Insider Trading
by Linda Chatman Thomsen Director, Division of Enforcement U.S. Securities & Exchange Commission Before the U.S. Senate Committee on the Judiciary September 26, 2006 (As Amended October 5, 2006)* Chairman Specter, Ranking Member Leahy, and Members of the Committee: Thank you for inviting me to testify today about insider trading. Our laws against insider trading play an essential role in protecting our securities markets and in promoting investor confidence in the integrity of those markets. Rigorous enforcement of our current statutory and regulatory prohibitions on insider trading is an important part of the Commission's mission. I appreciate the opportunity to explain the Commission's efforts to deal with insider trading, and to answer any questions that the Committee may have. I am especially pleased to testify together with Associate Deputy Attorney General Ronald Tenpas of the United States Department of Justice. The Commission, as you know, is a civil enforcement agency and we use civil sanctions to address insider trading. However, insider trading may also violate federal criminal law. The respective histories of the SEC and the Department of Justice demonstrate our commitment to prosecute insider trading, civilly and criminally. Our histories also demonstrate our collective commitment to working with each other. Over the years, investigating and prosecuting insider trading violations has remained a steady component of our enforcement mission. Since 2001, this agency has brought 300 actions against over 600 individuals and entities for insider trading violations, and frozen millions of dollars in illicit trading proceeds.1 In the aggregate, over the same period, insider trading cases have consistently made up about 7-12% of our filed caseload.2 At the same time, our Enforcement program is, by necessity, dynamic-we constantly strive to respond to market, as well as legal and technological, developments. Our priorities and resource allocations must change to meet trends in the market and developing forms of fraud. Even within the relatively narrow arena of insider trading, we must shift our resources to those areas where the greatest threats lie. For example, in the mid-eighties, most of our insider trading cases arose out of the merger and acquisition boom. In the recession of the late eighties and early nineties, the Commission brought more "bad news" selling cases - insiders dumping shares before adverse corporate developments were disclosed. More recently, globalization, the technology boom, a renewal of merger activity, and our concern about insider trading by hedge funds have shifted our enforcement focus yet again. Insider trading has remained an enforcement priority. As I mentioned a moment ago, the Commission has charged over 600 hundred insiders and tippees in recent years. Our investigative staff has pursued individuals who engage in insider trading in our markets all across the globe-from a corporate lawyer's office in New York City to a small town in Eastern Europe. By seeking immediate emergency relief, our staff has frozen and preserved millions of dollars in insider trading proceeds, often within only days of the illegal trading that created them. We have had some remarkable successes. A few months ago, we brought an action against three hedge funds and two individuals for allegedly trading ahead of a merger announcement.3 Over the past 18 months, we brought insider trading charges against another three hedge funds and three hedge fund managers for trading ahead of the public announcement of dozens of stock offerings by public companies.4 And over the past year, we have charged a total of 17 defendants in the Reebok case-who we allege participated in an international insider trading ring that netted at least $6.8 million in illicit gains by, among other things, stealing information from Merrill Lynch, BusinessWeek and a sitting New Jersey grand jury.5 Perhaps more than any other recent insider trading case we've filed, the Reebok case demonstrates the ingenuity and perseverance of our staff, and

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the lengths to which we will go in tracing a fraud. In Reebok, the Commission alleges that two individuals-one current and one former employee of Goldman, Sachs-engaged in a complex and wide-ranging scheme in which they illegally obtained inside information from the various sources I mentioned a moment ago (among others), and then forwarded the tips to multiple co-conspirators who traded on them throughout the United States and Europe. We first focused on the Reebok trading in August 2005, when a retired Croatian seamstress made a series of sophisticated options trades that essentially amounted to a bet that the stock of Reebok International, Ltd. would rise quickly. In fact, just a day after her last trade, Reebok announced it had agreed to be acquired by Adidas-Salomon, AG, netting the seamstress a profit of over $2 million. Because of this extraordinary and fortuitous profit by an apparently inexperienced options trader, we filed an emergency action freezing the securities account in which these trades were made. Our New York office continued to investigate the matter, leading to additional actions alleging that the seamstress was in fact trading on instructions from her nephew, former Goldman, Sachs broker David Pajcin, and that Pajcin's co-principal in the scheme was Goldman, Sachs research analyst Eugene Plotkin. Based on information discovered to date, the Commission's complaint charges Plotkin and Pajcin with orchestrating a scheme that involved a large group of unlikely co-conspirators who either illegally tipped inside information to others, or traded on the tips, and then shared in the trading profits. Chief among them was a mergers and acquisitions analyst at Merrill Lynch, who is alleged to have provided nonpublic information regarding pending corporate transactions. Two other individuals allegedly obtained jobs at a Wisconsin printing plant in order to steal information on Business Week articles before the magazine was circulated. Pajcin and Plotkin also allegedly obtained information from a letter carrier who was sitting on a federal grand jury in New Jersey regarding the grand jury's probe of a public company. Finally, to capitalize on the stolen information, Pajcin and Plotkin allegedly tipped a broad network of cooperating traders throughout the United States and Europe-including Pajcin's aunt, the retired Croatian seamstress, and a friend employed as an exotic dancer in New York. To date, the staff has charged 17 individuals in the scheme, which ultimately involved insider trading in the securities of not only Reebok, but a total of 26 different issuers. The staff's investigation-here and abroad-is continuing. As I said before, even within a discussion of unlawful insider trading - a very specific type of violation - there are important areas of concentration we can consider. One such area involves insider trading by hedge funds-an area of significant concern to the Commission, the Enforcement Division, and I know, to this Committee. In fiscal year 2006 to date, the Commission has brought 44 insider trading cases. Of these, five involved hedge funds or their advisers. The Commission has brought at least three cases in the past two years involving insider trading by hedge funds and their managers in advance of PIPEs offerings.6 "PIPE" is an acronym for "private investment in public equities," a form of stock offering often used by distressed companies to raise capital when they are unable to obtain financing by other means. Hedge funds frequently invest in such offerings, but typically agree not to trade the stock before the PIPE offering is publicly announced. In the most recent of the PIPEs cases, the Commission charged that hedge fund adviser Deephaven Capital Management, LLC, a registered investment adviser, violated its agreements not to trade by selling stock short before PIPEs offerings were announced, and then covering with shares obtained in the offerings. In all, the Commission charged Deephaven and its former portfolio manager with insider trading prior to the public announcement of no fewer than 19 PIPEs offerings. In settling the case, the Commission obtained permanent anti-fraud injunctions and a total of $5.8 million in disgorgement, penalties, and interest from the adviser and portfolio manager, as well as an industry bar against the portfolio manager.7 In a similar case, Langley Partners, three hedge funds and their portfolio manager paid nearly $16 million to settle an action involving insider trading in advance of the public announcement of 7 PIPE transactions.8 In addition to the PIPEs cases, the Commission has brought two cases against hedge funds involving insider trading ahead of mergers and acquisitions. In an insider trading action against a hedge fund I mentioned earlier today, the fund manager allegedly directed the purchase of shares in a merger target after receiving a tip from an insider through an intermediary, realizing illegal profits of over $1.3 million.9 In yet another case brought within the past year, a Massachusetts-based hedge fund manager and his fund were charged with trading on material nonpublic information regarding Citizens Bank's planned takeover of Charter One Financial, making nearly three-quarters of a million dollars in illegal profits.10 The latter case also illustrates the importance of criminal

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sanctions, as the fund manager recently pled guilty to five counts of criminal securities fraud. The Commission has always viewed as particularly troubling malfeasance by the brokers, investment advisers and other professionals registered with us. Earlier this year, the Commission filed a civil injunctive action against a former Merrill Lynch broker and ten former A.B. Watley day traders and their managers for participating in a scheme that involved allegedly trading ahead of large institutional orders broadcast over Merrill's in-house "squawk boxes."11 The Commission alleged that the Merrill broker arranged to provide the A.B. Watley day traders with an open phone line to the Merrill trading floor throughout the workday, so they could hear the squawk box announcements of major orders and trade ahead of them. The Commission also sued A. B. Watley Group, A.B. Watley's publicly-traded holding company, in connection with this conduct. Earlier, in August 2005, the Commission charged five other individuals as part of this alleged scheme.12 Our concern extends beyond individual violations; indeed, it extends to the entities that shoulder the primary responsibility for supervising the professionals who work for them. A few months ago, we instituted a settled administrative proceeding against Morgan Stanley for its failure to maintain and enforce adequate written policies and procedures to prevent the misuse of material nonpublic information by the firm or persons associated with it.13 There was no evidence that material nonpublic information was misused as a result of that failure. Morgan Stanley agreed to pay a $10 million civil penalty, as well as to engage an independent consultant to conduct a review of its policies, practices and procedures, and to recommend changes to those policies to prevent the future abuse of such nonpublic information. Morgan Stanley is the most recent in a line of cases in which the Commission has consistently made clear that broker-dealers and investment advisers are responsible for designing and enforcing policies to prevent the misuse of insider information.14 Let me step back and make some general observations about our insider trading program, in light of recent questions that have been raised in the press about its efficacy. We have a lot of ground to cover. Our Enforcement Division's Office of Market Surveillance (OMS) is in daily contact with its counterparts in the various self-regulatory organizations, or SROs. After substantial study in the mid-1980s under the oversight of two Congressional Committees, an intermarket surveillance system was developed under which the SROs perform primary surveillance, as they are the entities closest to the market action.15 The SROs monitor the markets for unusual peaks and valleys in trading, sudden changes in a security's price, or other unusual market activity. OMS maintains an open line of communication with the SROs, through which they continually pass on to us information concerning market events. The surveillance departments at the SROs, such as the National Association of Securities Dealers (NASD), the New York Stock Exchange (NYSE), and the Options Regulatory Surveillance Authority, use cutting-edge software programs to isolate unusual trading activity that may indicate insider trading. These surveillance programs employ complex algorithms that alert analysts to anomalous trading activity. The SROs can rapidly identify the executing broker-dealer and the account for which a particular transaction was performed and investigate the basis for the trading. These programs are constantly being re-evaluated and updated as new trading mechanisms and strategies are introduced in the markets. As demonstrated by cases like Reebok, we can and will move swiftly and decisively when conditions warrant. One of the principal tools we employ to prevent wrongdoers from benefiting from insider trading is the asset freeze. In Reebok, over $6 million in allegedly illicit trading proceeds have been frozen. Other recent cases have also used this remedy effectively. In recent action against drug company executive Alexander Yaroshinsky, alleging insider trading before the announcement of negative FDA findings on an experimental drug, the Commission took quick action ensure that Yaroshinky's assets were frozen before they could be dissipated.16 Insider trading leads come from a host of sources, not only market surveillance but also the news media, public tips, and information developed in our own inspections and investigations. Identifying suspicious trading is an essential starting point, but it is only the first step in compiling a viable case. It is important to understand how difficult it is to build an insider trading case. They are unquestionably among the most difficult cases we are called upon to prove, and despite careful and time-consuming investigations, we may not be able to establish all of the facts necessary to support an insider trading charge. The challenge is not to establish facts that show suspicious trading-the surveillance records alone are often sufficient to establish that

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much. The real challenge is to establish that a particular individual was in possession of material non-public information and in fact traded on it in breach of a duty, and to establish those facts based on admissible evidence that can withstand challenge at trial. Piecing together an insider trading case can be a complex and painstaking process. It is rare to find a "smoking gun;" virtually all insider trading cases hinge on circumstantial evidence. It is quite common for insider traders to come up with alternative rationales for their trading-rationales that the staff must refute with inferences drawn from the timing of trades, the movement of funds and other facts and circumstances. And because many insider trading cases involve secret communications between two people the tipper and his tippee - assembling compelling circumstantial evidence is often difficult. In some cases, such as when a corporate insider trades on company information or when an outsider steals nonpublic information, there are no communications at all to use as evidence at trial, but only the facts of the wrongdoer's access and trading. Building an insider trading case based on circumstantial evidence can be frustrating, risky and time-consuming. Because of these challenges, we also have to accept that a number of the insider trading investigations we open may not result in a filed enforcement action-not for any lack of diligence on the part of the staff, but for lack of evidence. Despite these challenges, our staff has become particularly adept at sifting through all available forms of evidence, including phone records, emails, instant messages, and the electronic footprints of internet protocol data.17 Our staff culls through trading records, interviews and takes the testimony of witnesses, and reviews bank and brokerage statements. With these tools and resources, our staff has built solid, credible enforcement actions against hundreds of wrongdoers. The Commission employs a broad range of remedies to address insider trading: injunctive relief, disgorgement of ill-gotten gains, penalties, industry bars and officer and director bars. And the Department of Justice, through its criminal prosecutions, can send insider traders to prison. In the Commission's civil cases, the Commission generally seeks injunctive relief, disgorgement and civil financial penalties. Since 1984, the Commission has been authorized by statute to seek penalties in insider trading cases. Under the Insider Trading Sanctions Act of 1984 (ITSA) and later expanded in the Insider Trading and Securities Fraud Enforcement Act of 1988 (ITSFEA) - Congress gave the Commission authority to bring civil actions in federal court seeking money penalties from insider traders of up to three times the illegal profits they made or losses they avoided. In settling cases, we have typically sought and obtained a "one-time" penalty, or in other words, a penalty that is equal to the amount of illegal profits realized or losses avoided. This approach is particularly common when the Commission settles matters before proceeding to litigation. In some cases, where the conduct is particularly egregious, we have sought more than a one-time penalty. Among other circumstances, we believe additional penalties may be appropriate where the defendant lies to investigators, jeopardizing the integrity of our investigative process; where the defendant has taken extraordinary measures to conceal or disguise the trading activities; or where the defendant is a recidivist with a history of securities or other frauds. In other cases, where the equities dictated, we have agreed to less than a one-time penalty. In each of these instances, we made a determination that the penalty accurately reflected the seriousness of the wrongdoing, served as just punishment for the defendant's actions, and provided significant deterrent value. We have also sought and obtained non-monetary sanctions. When appropriate, we have barred or suspended brokers, investment advisers and other professionals who have engaged in insider trading from their respective industries. Similarly, we have barred officers or directors who have insider traded from serving in that capacity for a limited time, or sometimes permanently. We believe these remedies, along with the threat of incarceration by criminal authorities for large-scale or repeat offenders, those who go to great lengths to conceal their illicit activities, or those who lie or otherwise obstruct our investigations, give us an effective arsenal for enforcement and deterrence. Insider trading undermines the integrity and credibility of our markets. We appreciate the fact that the market is dynamic. We understand the power of technology and we have and will use it to our advantage. We will continue to work hard to protect the world's finest and fairest markets. I would be glad to answer any questions you might have. Exhibit A - List of SEC Insider Trading Cases from FY2001 to Present(as of September 22, 2006)18

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Endnotes
* Testimony amended on October 5, 2006 to delete the word "settled" from the text immediately preceding footnote 9 on page 4 of written testimony dated September 26, 2006, and to change the adjacent word "a" to "an". The amendment was necessary because the written testimony originally submitted to the Senate Committee on the Judiciary on September 26, 2006, inadvertently described the case of SEC v. Nelson J. Obus, et al., Lit. Release No. 19667, Civ. Action No. 06-3150 (GBD) (S.D.N.Y. Apr. 25, 2006) as "settled." This was inaccurate; the case is presently being contested by all defendants. 1A list of the insider trading cases filed by the Commission in the past five years (FY2001 through the present, as of September 22, 2006) is attached hereto as Exhibit A. 2 Each year, the Division of Enforcement brings a mix of cases in core program areas, including insider trading, as well as financial fraud, offering fraud, market manipulation and actions involving the conduct of registered investment advisers and broker-dealers. Our record shows that - despite shifting areas of concern that demand enforcement attention from year to year - insider trading has consistently been an important part of the program. In fiscal 2006 to date, the Division has initiated 44 actions against 77 individuals or entities that primarily involve insider trading allegations. In fiscal 2005, the Division initiated 49 such actions against 93 individuals or entities. In fiscal 2004, the Division initiated 42 such actions against 95 individuals or entities.
In fiscal 2003, the Division initiated 50 such actions against 104 individuals or entities. In fiscal 2002, the Division initiated 59 such actions against 144 individuals or entities. In fiscal 2001, the Division initiated 57 such actions against 115 individuals or entities.
3SEC v. Nelson J. Obus, et al., Lit. Release No. 19667, Civ. Action No. 06-3150 (GBD) (S.D.N.Y. Apr. 25, 2006). 4SEC v. Deephaven Capital Management, LLC and Bruce Lieberman, Lit. Release No. 19683, Civ. Action No. 01:06CV00805 (D.D.C. May 2, 2006); SEC v. Langley Partners, L.P., et al., Lit. Release No. 19607, Civ. Action No. 1:06CV00467 (JDB) (D.D.C. Mar. 14, 2006); SEC v. Hilary Shane, Lit. Release No. 19227, Civ. Action No. 05-civ-4772 (S.D.N.Y. May 18, 2005); see also SEC v. Guillaume Pollet, Lit. Release No. 19199, Civ. Action No. 05-CV-1937 (SLT/RLM) (E.D.N.Y. Apr. 21, 2005) (charging former managing director of investment bank, SG Cowen & Co., with insider trading ahead of stock offering). 5SEC v. Sonja Anticevic, et al., Lit. Release No. 19775, Civ. Action No. 05 Civ. 6991 (KMW) (S.D.N.Y., fourth amended complaint filed July 26, 2006) ("Reebok"). 6See

supra n.3.

7Deephaven,
supra n. 3; In the Matter of Bruce Lieberman, Investment Advisers Act of 1940 Release No. 2517, Admin. Proc. File No. 3-12302 (May 28, 2006) (Lieberman subsequently barred from association with any investment adviser, with a right to reapply after three years). Partners, supra n. 3

8Langley 9Obus, 10SEC

supra n. 2.
v. Michael K.C. Tom, et al., Lit. Release No. 19404, Civ. Action No. 05-CV-11966-NMG (D.Mass. Sept. 29, 2005). On June 8, three defendants who traded settled for fraud injunctions, disgorgement and civil money penalties. Defendant Michael Tom agreed to be barred from association with any investment adviser in March 2006, In the Matter of Michael K.C. Tom, Investment Advisers Act of 1940 Release No. 2494, Admin. Proc. File No. 3-12233 (Mar. 8, 2006).
v. A. B. Watley Group, Inc., et al., Lit. Release No. 19335, Civ. Action No. CV-06-1274 (ILG) (E.D.N.Y. Mar. 21, 2006).
12SEC v. John J. Amore, et al., Lit. Release No. 19335, Civ. Action No. CV-053885 (Glasser) (E.D.N.Y. Aug. 15, 2005). 13
In the Matter of Morgan Stanley & Co., Inc. and Morgan Stanley DW Inc., Securities Exchange Act of 1934 Release No. 54047, Admin. Proc. File No. 3-12342 (June 27, 2006).
14See, e.g, In The Matter of Van D. Greenfield and Blue River Capital LLC, Securities Exchange Act of 1934 Release No. 52744, Admin Proc. File No. 3-12098 (Nov. 7, 2005) (Blue River violated rules requiring policies governing handling of non-public information when it received such

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information about companies on whose bankruptcy and bondholder's committees Blue River principal Greenfield sat); In re Goldman, Sachs & Co., Securities Exchange Act of 1934 Release No. 48436, Admin. Proc. File No. 3-11240 (Sept. 4, 2003) (Goldman, Sachs failed to have policies and procedures in place to prevent improper handling of embargoed information regarding Treasury Department's decision to abolish 30-year bond); In re Gintel Asset Management, Inc., et al., Investment Advisers Act of 1940 Release No. 2079, Admin. Proc. File No. 3-10930 (Nov. 8, 2002) (firm violated provisions of the Investment Advisers Act of 1940 by failing to have policies in effect to prevent adviser from buying shares for client accounts before it releases favorable information regarding issuer); In re DePrince, Race & Zollo, Inc., et al., Investment Advisers Act Release No. 2035, Admin. Proc.File No. 3-10798( June 12, 2002) (firm violated Advisers Act by failing to have procedures addressing possible conflicts of interest arising from transactions in stock of issuer on whose board firm principal sat); In re Guy P. Wyser-Pratte et al., Securities Exchange Act of 1934 Release No. 44283, Admin. Proc. File No. 3-10479 (May 9, 2001) (firm violated Advisers Act and Exchange Act policy requirements by failing to have in place policies to prevent misuse of inside information gleaned by firm principal in course of advancing shareholder proposals); In re Gabelli & Co., Inc. and Gamco Investors, Inc., Securities Exchange Act of 1934 Release No. 35057, Admin. Proc. File No. 3-8564 (Dec. 8, 1994) (brokerdealer and affiliated adviser violate Exchange Act and Advisers Act by failing to implement policies to prevent misuse of nonpublic information despite role of firms' principal as CEO of issuer whose securities firms'accounts could have traded).

15 See United States Securities and Exchange Commission, Final Report to the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Energy and Commerce Regarding the Market Oversight and Surveillance System at 2-3, 14-15 (Jan. 15, 1985). 16SEC v. Alexander J. Yaroshinsky, Lit. Release No. 19625, Civ. Action No. 06CV2401 (S.D.N.Y. Mar. 28, 2006). 17See
SEC v. William A. Day, Lit. Release No. 19553, Civ. Action No. 06-CV10202-RWZ (D.Mass. Feb. 2, 2006) (coded message board posting alluding to nonpublic information); SEC v. John Freeman, et al., Lit. Release No. 16469, Civ. Action No. 00 Civ. 1963 (VM) (S.D.N.Y. Mar. 14, 2000) (nonpublic information on 16 transactions passed through internet chat rooms). list includes cases that we have classified as insider trading cases, although they may involve multiple allegations. This list does not include additional cases that may involve insider trading allegations, but that we have determined are more appropriately given another primary classification (for example, Broker-Dealer).

18This

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Art.no ml tube

Art.no Cold compress Cold/Warm Coldspray 200 ml HOT warm gel 75 ml tube
here are a number of causes of lower limb pain suffered by children, whereas growth pains is among the most common ones. Growth pains are believed to be caused by different growth times of bone tissue and the surrounding tissues. Typically growth pains occur on children between 3 to 12 years of age in the evenings or at nights. Nondescript pain is located mostly in the tibia area, often in both legs. The child has no other symptoms, neither is the childs condition dangerous. Pain, however, is strong enough to keep the child and the whole family up at nights. IcePower gel can help to prevent and treat growth pains. Natural ingredients, menthol and essential oils reduce pain, improve the circulation in the area and reduce muscle tension. Furthermore, the cooling sensation felt on the skin and in tissues comforts the childs legs, and relieves the distress often accompanying pain sensations. IcePower gel is safe and easy to use. Physical strain of the child may be interrelated with the occurrence of growth pains. For this reason a child suffering from growth

pains should get sufcient but reasonable amount of physical exercise daily. Boosting recovery after hard physical strain with IcePower gel immediately after exercising and before going to bed is easy. This also allows to prevent the possible growth pain symptoms occurring at nights. The effect of IcePower gel is based on the menthol and essential oils in the gel composition, which reduce the temperature of the skin by ca 5 degrees Celsius. The effect is further intensied by the recently recognized cold-enhancing menthol (CMR1) receptor that belongs into the skin thermoregulatory receptor group. Moreover, by reason of its circulation boosting and muscle relaxing properties IcePower gel is well suited for prevention and relieving of childrens growth pains. IcePower cold gel has scientically proven effects. It signicantly reduces pain and facilitates recovery of soft tissue injuries. A clinical research has shown that the impact of Ice Power cold gel begins immediately after its application on the skin, and its regular use reduces pain in half in a week.
ROLL and ROCK fast and convenient pain relief
Art.no IPDUO Duopack Cold/Warm + Roll 75 ml tube
cePower ROLL is convenient to use anywhere. It is a fast relief for work-strained shoulders, and tidy to apply. The handy roll-on tube is easy to take with you anywhere. IcePower ROLL is also safe for children to use themselves, thereby making it an essential help for childrens growth pains.

Art.no ml Roll-tube

In the water:
pressure on the joints is reduced drastically easier to maintain balance lower heart rate and enlarged heart volume easier respiration more load on movement

Thera-Band Aquabelt

Aquabelt for aquatics

Thera-Band swim bar

Thera-Band AquaFins

40048 pair

495,00 EEK

32,00

585,00 EEK

37,00

790,00 EEK

51,00

Thera-Band hand barsPrice not incl. VAT Thera-Band KickRoller Price not incl. VAT Water resistance glove not incl. VAT Price
11081 red 11082 green 11083 blue pair pair pair

455,00 EEK

29,00

469,00 EEK

30,00

SPRINT

328,00 EEK

21,00

517,00 EEK

33,00

563,00 EEK

36,00

ging balanc ing len l ha ! c

Rock balance board

Hard plastic 40 cm

359,00 EEK

23,00

AeroStep

2-part balance cushion lled with air Grip nodes 2 sizes Price not incl. VAT 400429 688,00 EEK
norm. 46 x 32 cm 400510 XL 51 x 37 cm 44,00

Power Ball

11632B cm 65 cm Foam 65 cm 75 cm

344,00 EEK

22,00

438,00 EEK

28,00

1.330,00 EEK

85,00

Thera-Band balance pad

Soft foam-material 2 stiffness levels: stiffer green and softer blue

11431 blue

air-lled hemisphere 62 cm

2.229,00 EEK

143,00

657,00 EEK

42,00

1143111 green

Multiroll
air-lled support cushion soft and washable outer cover four sizes Price not incl. VAT 400020 7,5 cm 422,00 EEK
lenght 50 cm cm lenght 50 cm cm lenght 50 cm Pilates cm lenght 80 cm 27,00

453,00 EEK

485,00 EEK

31,00

532,00 EEK

34,00

Quality group exercise

Reebok Step

TELESCOPE!
NEW! Gymstick for sale ONLY IN ESTONIA!
Min. length only 72cm, making it easier to transport and exercise in tight spaces. Max length 114cm fully extended. Convenient speedlocks.

RE10150

For larger quantities ask for special price!

1.627,00 EEK

104,00

hand weights

RE20050 0,5 kg RE20051 1,0 kg RE20052 2,0 kg RE20053 3,0 kg RE20054 4,0 kg RE20055 5,0 kg

101,00 EEK

117,00 EEK

156,00 EEK

10,00

203,00 EEK

13,00

266,00 EEK

17,00

Reebok Yoga mat

RE10022

313,00 EEK

20,00
Art.no 20011T 20012T 20013T 20014T Price not incl. VAT Green Light Blue Medium Black Strong Gray Extrastrong BOSU
1.015,00 EEK 1.015,00 EEK 1.015,00 EEK 1.015,00 EEK

Body Trainer

Fysioline PUMP set
Set includes: 1 bar + locks disc weights: 2 x 1,0 kg, 2,5 kg and 5,0 kg
13332 Order over 10 pcs red green blue black
211,00 EEK 211,00 EEK 211,00 EEK 211,00 EEK

13,50 13,50 13,50 13,50

1.064,00 EEK
68,00 11-20 pcs 985,00 EEK 63,00 21-40 pcs 954,00 EEK 61,00 over 40 pcs 939,00 EEK 60,00
Tubing also available in 30,48 m packages!

Resistance rubber bands

JumboRoll 45,72 m
11320 yellow red green blue black
1.533,00 EEK 98,00 1.721,00 EEK 110,00 1.846,00 EEK 118,00 1.971,00 EEK 126,00 2.191,00 EEK 140,00
Remember the 5,5 m rolls!
Fine-tuning according to tness level
The rocking movement of the X-Bars can be altered with the 7-step resistance adjuster.
Fast and easy resistance adjustment
The 9-step grip shifter allows easy adjustments during exercise.

X-bike

Sturdy frame easy maintenance

Weighted 18kg ywheel

Next Generation indoor biking
-Bike is the next generation indoor bike that generates the true feeling of real bicycling through its moving handlebar and free ywheel. The X-bike handlebar rocks laterally, so X-biking feels more like real bicycling than your ordinary indoor bike, explains chief trainer Anna Lindblom from Hiekkaharjun Crossi gym of Helsinki. Thanks to the rocking handlebar, X-biking also exercises the upper body. X-bike is the rst indoor bike with a free ywheel and grip shift resistance adjustment. Together they make for a perfect and authentic range of motion, and the mechanics also force the user to search out the optimal resistance in relation to spinning speed, Lindblom continues. X-bike classes have been very popular from the beginning. People who have had to give up spinning due to back or joint problems are now returning to indoor cycling,
Ergonomic biking position
The free adjustment of the saddle and handlebar allow for a perfect biking position
thanks to X-bike. We even expanded our Xbike room to accommodate all the enthusiastic exercisers, Anna says.
Patented, MTB-style X-Bars handlebar Adjustable handlebar resistance 18kg weighted ywheel 32 gears easily serviceable brake complies with EN957 denitions built sturdy for long-lasting heavy use
Exercise also for the upper body
Thanks to the rocking motion of the X-Bars, the exercise also trains the same mid- and upper body muscles as real mountain biking.
NEW! X-Bike generates a true feeling of bicycling!
WELL-KNOWN, GERMAN PRECISION ERGOMETER FOR PROFESSIONAL USE

Ergoline Ergoselect 100K

Bicycle Ergometer testing is fit for determining general fitness
kaalinen Spa has been performing bicycle ergometer testing since early 1980s. Most all of the rehabilitation groups are tested initially with Ergoline bicycles. This adds up to 35004000 tests every year. The testing method has proven to be very safe over the years. There are 15 test subjects at a time. Group testing makes it easier to t the test to the schedule of other programs carried out at the Spa. The test subjects do not feel that the test being carried out in a group is unpleasant, says Seppo Rinta-Kauppila, MD of rehabilitation at Ikaalinen Spa. On the contrary; according to customer surveys, group testing is found to be more stimulating than a test performed alone.

ximum heart rate. The rate is monitored during the test with Polar heart rate monitors. The test subject also rates his/her own feelings on a BORG-scale during the test, says Mr. Rinta-Kauppila.
TEST RESULTS ARE A GREAT MOTIVATOR
Ergometer testing is intended for generally healthy persons. It is not a test to diagnose heart illnesses, but rather to determine ones general tness level. The most important aim is to form the base of an exercise plan given to the subject, to motivate him/her to exercise more. Correct exercise and nutritional habits facilitate major changes. The evaluation of ones tness level is more precise with hard facts from a test than with just plain feeling. -The test documents are kept at the test facility, and re-testing paints a clear picture of the development of the customers tness, Mr. Rinta-Kauppila concludes.
compatible built-in testing protocols and work-out programs can be attached to an EKG device or computer ErgoPro compatible weight calibration Resistance adjustment 20-999W and speed range 30-130rpm high-resolution display with user information includes rs-232 cable options include xed blood pressure meter and sp02 pulse oximetry

Art.no: ERG161105

Ergoline 100K blood pressure measuring unit

Art.no ERG161901

WHAT HAPPENS DURING A TEST?
Ergometer tests measure the heart and circulations ability to carry blood to the muscles. The test is carried out by physiotherapists and gym instructors. The test protocol is 3-phase, indirect and submaximal. The test aims for an 85 percent level of the ma-

Borg scale

Art.no: ERG161200
CALL US FOR MORE INFORMATION! +96802

F I T N E S S

S Y S T E M
This is only a small selection of Matrix equipment. Ask about the complete line-up from Fysioline Eesti O at +96802.
Matrix Strength EQUIPMENT

treadmill MX-T5x

UltimateTM Deck JID 5HP AC Drive Motor with a 7 year Warranty Proprietary VCTTM Variable Compression Technology incorporates eight stabilizing elastomers for an exceptional feel 22 Wide Belt FITCONNEXIONTM optional entertainment technology Integrated Contact Heart Rate
Each piece of Matrix strength equipment is designed to match the bodys motion for an unrivaled smooth feel, and offers several exclusive features for enhanced comfort, ease of use, safety, and appeal. A unique prole and contemporary frame design creates a distinctively fresh look for your facility, while the following mechanical features ensure an optimal experience for users.

I N T E G R AT E D I N C R E M E N T W E I G H T S S I L E N T W E I G H T S TAC K B E LT T R A N S M I S S I O N W E I G H T S TAC K S U S P E N S I O N CO L O R CO D E D P I VO T S AND ADJUSTS ERGO FORM CUSHIONS ROM-R ANGE LIMITERS FRESH DESIGN

cycle MX-U5x

Race-inspired handles feature padded elbow rests for comfort and enhanced ergonomics. Air-cushioned contoured seat enhances comfort and road feel. Low watt starting workload is ideal for beginning, rehab, or deconditioned users. Programs include Manual, Intervals, Rolling, Fat Burn, Random, Target Heart Rate, and Constant Watts. Brushless, maintenance-free generator drive doesnt require plug or battery.
Only the perfect plan ensures an efficient space
Fysioline offers complete gym design concepts for gym operators in the private and public sectors to meet the ever-growing quality demands of todays customers. Let us tailor a comprehensive solution for your needs. Fysioline Eesti O as your business partner means optimal benets from your investment.

Wellsystem Relax

dry water massage
ellness Relax water massage unit is designed especially for the needs of spas, wellness centers, hotels and gyms. The unit is easy to use: the customer just needs to choose a pre-programmed treatment or insert a smart card in the reader integrated on the remote control, and Wellsystem Relax takes care of the rest. Wellsystem Relax is an easy way to pamper yourself or your customers. The treatment is highly efcient and safe.
Triple effect. Resting on a hydro jet is perfectly relaxing. The effect comes from the combination of three elements:

PRESSURE WARMTH WATER

Functions available during treatment:
water jet pressure 0,5 3,75 bar full body massage lower body massage upper body massage (focuses on neck and shoulders) 15 cm zone massage spot massage
Ask for an introduction to Wellness Relax at +9030.

Technical data:

Wellsystem for sale ONLY IN ESTONIA!
Max. treatment time: 45 Min. Pressure: 0,5 3,75 bar Water temperature: 25 40C Measurements (l x w x h): 2150 x 1060 x 570 mm Treatment area (l x w): 1950 x 800 mm Weight without water: 149 kg Water container: approx. 304 l Electricity consumption: approx. 2500 w Current/fuse 220 240V / ~1N / 16A

ORDER FORM

Fysionews 32005

Offers valid until 30.9.2005

Customer number

Invoicing address

Delivery address

Mark the desired products and quantities. Fax your order to +9079. 5% discount on orders received before 30.9.2005. You can also use our electronic order form at www.fysioline.net/order. Remember to sign the form! Product Prices in EEK Unit price Quant. Tot. Product

DISCOUNT!

on orders received before 30.9.2005

Unit price Quant. Tot.

03001-000 Thera Live Kids 42.740,00 03003-000 Thera Live Kids upper body unit 19.343,00 06034-000 Thera Live calf rest, pair 3.753,Thera wrist rest, pair 5.332,Thera radius adjustment 4.925,Thera foot xation 5.078,00 03050-002 Thera Live trainer from 32.731,00 05030-001 Thera Joy trainer from 30.675,Thera Fit Plus trainer from 20.320,Thera Vital trainer from 43.066,Fysioline 2000 bobath table 23.500,Fysioline Compact portable table 4.790,00 Fysioline treatment table bundle 15.650,Fysioline Compact case 931,00 2762CC Intelect Advance Combo treatment unit 57.917,Intelect Advance system cart 5.148,Intelect Advance vacuum unit 27.976,Intelect Mobile Ultrasound 21.632,IcePower 400 ml 10133 IcePower 150 ml 10142 IcePower 75 ml 10135 IcePower 75 ml ROLL 11134 IcePower Cold/Warm pack 11125 IcePower Cold compress 10136 IcePower Coldspray, 200 ml 10128 IcePower HOT 75 ml, 20 kpl/ltk IPDUO Duopack Cold/Warm pack + ROLL 75 ml 40150 Thera-Band Aqua belt 790,Thera-Band hand bars red pair 455,Thera-Band hand bars green pair 517,Thera-Band hand bars blue pair 563,Thera-Band swim bar 495,Thera-Band Kickroller 469,Thera-Band AquaFins pair 585,00 SPRINT Water resistance glove pair 328,Power Ball 55 cm 344,Power Ball 65 cm Foam 438,00 11362B Power Ball 65 cm 438,Power Ball 75 cm 563,00 2.229,00 BOSU BOSU Balance Trainer 400429 AeroStep balance pad, norm. 688,AeroStep balance pad, XL 1.330,Rock balance board 359,Thera-Band balance pad, green 657,Thera-Band balance pad, blue 657,00
400020 Multiroll cushion 7,5 cm x 50 cm 422,Multiroll cushion 15 cm x 50 cm 453,Multiroll cushion 20 cm x 50 cm 485,Multiroll cushion 18 cm x 80 cm 532,00 20011T Gymstick telesc., green 1.015,00 20012T Gymstick telesc., blue 1.015,00 20013T Gymstick telesc., black 1.015,00 20014T Gymstick telesc., grey 1.015,Fysioline PUMP set 1.064,00 RE10150 Reebok Step 1.627,00 RE20050 Reebok hand weight 0,5 kg 101,00 RE20051 Reebok hand weight 1,0 kg 117,00 RE20052 Reebok hand weight 2,0 kg 156,00 RE20053 Reebok hand weight 3,0 kg 203,00 RE20054 Reebok hand weight 4,0 kg 266,00 RE20055 Reebok hand weight 5,0 kg 328,00 RE10022 Reebok Yoga mat 313,Thera-Band Bodytrainer, red 211,Thera-Band Bodytrainer, green 211,Thera-Band Bodytrainer, blue 211,Thera-Band Bodytrainer, black 211,Thera-Band resist. band 45,72 m, yell. 1.533,Thera-Band resist. band 45,72 m, red 1.721,Thera-Band resist. band 45,72 m, green1.846,Thera-Band resist. band 45,72 m, blue 1.971,Thera-Band resist. band 45,72 m, black 2.191,00 ERG161105 Ergoline Ergoselect 100K ERG161901 Ergoline blood pressure unit ERG161200 Borg scale 10202 DesiPower IHO 564,00 Fysioline massage oils (packed 6l/box) 10100 Orange 1l 169,Nut Grove 1l 94,Peanut 1l 102,Garnation 1l 72,00 93,Paran 1l 10109 Soft Oil 1l 165,Euca 1l 148,Almond 1l 169,Super Soft Lotion 5 x 1l pc. 190,Massage Creme 6 x 800g pc. 186,Katrin Saga, 1 pc. 200,Katrin Saga, 10 pcs pc. 169,Fysioline prot.paper 47 x 47 cm 3 bxs 466,Face shield paper, 500 pcs/box 500,TNS Burst 1.690,Digi TNS 1.950,00

TOTAL AMOUNT

Place and date
Signature and name in block letters
Prices on the form are without VAT and delivery costs. 5% discount will be deducted from prices before tax. The corresponding VAT will be added to the nal invoice.

Consumables

Disinfection products developed by Fysioline Pharma for healthcare professionals

Sales conditions

Please, contact us for more information on our products, guarantee and/or terms of payment etc. Postage and packaging costs will be added. All prices shown are without VAT. We look forward to serving you! Minimum order to Latvia and Lithuania is 300.

DesiPower IHO

Skin disinfectant.
Price not incl. VAT Art.no 10202

564,00 EEK

Fysioline massage oils CAMPAIGN OFFER -8%
Art.no Price not incl. VAT Orange 1l Nut grove 1l Peanut 1l Garnation 1l Paran 1l Soft Oil 1l Euca 1l Almond 1l Super Soft Lotion 5 x 1l Massage Creme 6 x 800 g
169,00 94,00 102,00 72,00 93,00 148,00 148,00 169,00 190,00 186,00
Thank You for Your order!

FYSIOLINE EESTI O

Tartu mnt. 2, 10145 Tallinn

Tel +9030 Tel/Fax +9079

info@fysioline.ee
Protective papers for treatment tables
Art.no Price not incl. VAT Katrin Saga pc 200, Katrin Saga, 10 pcs pc 169, Protective paper 47 x 47 cm 3 x 1000 pcs/box 466, Protective paper with X-cut, ber based material, 500 pcs/box 500,
Virgo Tamm virgo.tamm@fysioline.ee GSM +96802 Eve Laks eve.laks@fysioline.ee GSM +65965

Fysioline TENS

Art.no 10900 TNS Burst 10905 Digi TNS Price not incl. VAT

1690,00 1950,00

Anneli Sikkut anneli.sikkut@fysioline.ee GSM +478 665
Prices not including VAT.