Qatar's financial regulator bans, fines senior JP Morgan exec

QFC Authority tribunal upholds penalties imposed on Karim Paul Noujaim for "serious misconduct"

(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

A senior JP Morgan executive has been fined $20,000 and banned from being employed by any company operating in the Qatar Financial Centre (QFC) over acts of "serious misconduct".

Disciplinary action taken by the QFC Regulatory Authority to fine Karim Paul Noujaim and issue the ban has been upheld by the QFC Regulatory Tribunal, a statement issued on Sunday read.

The QFC Regulatory Authority said while being the most senior employee of the QFC branch of JP Morgan, Noujaim committed "serious misconduct including failing to act with integrity in his position and acting with dishonesty".

It added that Noujaim forged the signature of JP Morgan's chief financial and operating officer on a letter and submitted the letter to a local Qatar bank to support a personal financial application.

The QFC Regulatory Authority made this decision last September and Noujaim appealed the decision to the QFC Regulatory Tribunal, as he was entitled to do under QFC Law.

The tribunal concluded that there was nothing excessive about the financial penalty and that the prohibition order was entirely justified in order to protect the QFC and the public.

Michael Ryan, CEO of the QFC Regulatory Authority, said: "The public has a right to expect that the people they deal with in the QFC uphold the principles of trust and integrity. By acting as he did, Mr Noujaim seriously damaged these principles.

"The outcome of the QFC Regulatory Tribunal's decision, in upholding the enforcement action against Mr Noujaim, underscores the importance of the maintenance of these principles in order to protect the integrity and reputation of the QFC."

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