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Mon 7 Oct 2013 05:10 PM

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Dubai financial adviser suspended for six years

Jaime Corona banned from operating in DIFC for 'unethical conduct'

Dubai financial adviser suspended for six years
Dubai International Financial Centre

A financial adviser operating in Dubai International Financial Centre (DIFC) has been suspended for six years by the emirate's financial regulator over "unethical conduct".

The Dubai Financial Services Authority (DFSA) announced on Monday it has restricted the activities of Jaime Corona for unethical behaviour when he was advising clients about the value of their investment portfolios.

The restriction imposed by the DFSA prevents Corona from performing any functions in connection with the provision of Financial Services in the DIFC for a period of six years.

The DFSA said it took this action because Corona engaged in misleading and deceptive conduct, in relation to investments, by providing two Dubai-based clients falsified portfolio account statements which indicated that the value of their portfolios were significantly greater than their actual value.

The conduct of Corona came to the attention of the DFSA after he left the UAE, the DFSA said in a statement.

The DFSA added that Corona was "not a person who is fit and proper to provide financial services in the DIFC".

During the course of the DFSA’s investigation and decision making, Corona failed to respond to any DFSA communications, the statement said.

Ian Johnston, chief executive of the DFSA said: “People who act unethically cannot avoid the DFSA’s scrutiny by leaving the jurisdiction or failing to communicate with the regulator. The DFSA may impose sanctions on those who contravene its laws regardless of their location.

"Furthermore, the DFSA is taking an increasing interest in the conduct of financial advisers to improve the quality of advice provided to consumers.”

The ruling is the latest in a series issued by the DFSA. Earlier this month, a DIFC-based private banker was fined AED27,525 ($7,500) by regulators for claiming his client was worth $5m in a bank letter, when the actual wealth was only around $190,000. The DFSA fined Lebanese national Tareck Fouad Farah, CEO of FFA Private, after an investigation found he issued the false information in a letter to another lender.

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