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DFSA acts against unlicensed Web site
DUBAI — The Dubai Financial Services Authority (DFSA) has been successful in closing down a Dubai-hosted Web site, www.smiequity.com, used to front an unlicensed investment company, SMI Equity, using the UAE as a base address on the Web site.
The DFSA was alerted to the unlicensed operation of SMI Equity, having received information from an investor in the Czech Republic. The investor had already deposited $45,000 into the bank account of SMI Equity and received no response from SMI Equity after the investment was made. The investor contacted the DFSA having seen DFSA's Web site warnings, which lists information and past media releases on internet scams and frauds.
While unlicensed, SMI Equity claimed to offer investment opportunities and provide investment advice to prospective customers in Eastern Europe, using a UAE address and P.O. Box. The Web site was used to encourage investors to invest mainly in pre-IPO securities in the United States.
The DFSA immediately contacted the Web site host provider in Dubai and arranged to close the Web site down with immediate effect.
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