Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Rakishev Kenges
  2. Issuer Name and Ticker or Trading Symbol
Net Element, Inc. [NETE]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O SAT & COMPANY, 241 MUKANOVA STREET
3. Date of Earliest Transaction (Month/Day/Year)
10/02/2012
(Street)

ALMATY, 1P 050008
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 10/02/2012   D   213,333,334 D (1) 0 (1) (2) I See Footnotes (1) (2)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Rakishev Kenges
C/O SAT & COMPANY
241 MUKANOVA STREET
ALMATY, 1P 050008
  X   X    
Mark Global Corp
C/O TRIDENT TRUST COMPANY (BVI) LIMITED
TRIDENT CHAMBERS, P.O. BOX 146
ROAD TOWN, TORTOLA, D8 
  X   X    

Signatures

 /s/ Kenges Rakishev   10/04/2012
**Signature of Reporting Person Date

 Mark Global Corporation, By: /s/ Kenges Rakishev, Authorized Signatory   10/04/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On June 12, 2012, the Issuer and Cazador Acquisition Corporation Ltd. ("Cazador") entered into an Agreement and Plan of Merger (the "Merger Agreement"). On October 2, 2012, the transactions contemplated by the Merger Agreement were consummated. Simultaneously with the consummation of the transactions contemplated by the Merger Agreement, and in accordance with the terms of the Merger Agreement, (i) Mark Global Corporation, a company organized under the laws of the British Virgin Islands ("Mark Global"), was issued 5,000,000 shares of common stock of Cazador in exchange for the 200,000,000 Shares (as defined below) that were held directly by Mark Global and (ii) Kenges Rakishev, a citizen of the Republic of Kazakhstan ("Mr. Rakishev"), was issued 333,334 shares of common stock of Cazador in exchange for the 13,333,334 Shares that were held directly by Mr. Rakishev. "Shares" are shares of the Issuer's common stock, par value $0.001 per share.
(2) Each of Mr. Rakishev and Mark Global disclaim beneficial ownership of these Shares except to the extent of their respective pecuniary interest therein.
 
Remarks:
Immediately following the consummation of the transactions contemplated by the Merger Agreement, Mr. Rakishev resigned from the Board
of Directors of the Issuer.

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