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Dubai expat 'A.M.' banned for financial crimes
Dubai - The DFSA concluded that he is not fit for the job and restricted him from providing financial services.
Accordingly, the DFSA concluded that he is not fit for the job and restricted him from being involved in providing financial services in or from DIFC.
Specifically, the DFSA found that the expat knowingly gave a client two 'balance confirmation' letters that contained incorrect total net asset amounts. He also did not follow the firm's procedures that required two signatures for such letters, and instead authorised them himself, even though he was not authorised to sign letters of this nature.
The DFSA additionally found, that over two years, the accused had made unauthorised investments for another client without disclosing them to the client. He also copied the client's signatures on certain investment documents without permission and falsified account statements to conceal the unauthorised investments.
The firm did not know about A.M's misconduct at the time it occurred and took appropriate action after discovering it, including informing the DFSA.
Bryan Stirewalt, Chief Executive of the DFSA, said: "The DFSA expects employees of authorised firms in the DIFC to act with integrity when performing their duties, especially senior relationship managers like A.M. The DFSA will not tolerate such misleading conduct by persons working in the financial services industry in the DIFC."
The restriction comes into effect immediately. The action taken against AM is final as he has not referred the DFSA's decision to the Financial Markets Tribunal for review. A copy of the DFSA's Decision Notice can be found here.
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