By Staff writer
Abed Al Boom found guilty of 3,689 counts of fraud, swindling AED960m from investors
Emirati real estate tycoon Abed Al Boom has been sentenced to more
than 923 years in jail after a special tribunal hearing in Dubai convicted him
of 3,689 counts of fraud.
The CEO of Al Boom Holdings was charged with swindling AED960m from
3,706 investors, and received a three-month term for each of the counts of
fraud, media reports said.
A further 11 counts of fraud were dismissed by the judge, who also
acquitted Al Boom’s five co-defendants of all charges.
Al Boom’s legal team had asked the court to dismiss all the charges
against him, on the grounds they violated a decree issued by Sheikh Mohammed
bin Rashid, Ruler of Dubai in August 2009, which liquidated Al Boom’s assets. However,
the appeal was dismissed.
According to prosecutors, Al Boom spent the money on a series of
parties, boats, cars and customised number plates.
The judgment remains subject to appeal.
I'm sure that the only reason this man was convicted is because most of the defrauded were locals. Whereas as an expat investor I and others are victims of "blackmailing" and "delaying policies" from UAE justice system.
I am shocked that you are suggesting there may be a 2 tier justice system operating here.
Al boom is a victim of the same circumstances that affected all of the greedy investors who thought that they could make millions in Dubai. The only money being made was by those who hyped the prices and then sold out early, initiating the crash in the first place.
If you can't tell a bubble from a hoax, then you should not have invested your own money. Next time use someone else's :)
It is expected he will serve less time though, possibly as much as 3 months
Wow! Wonder new ventures he will start once he gets out?
Will he serve the sentences concurrently or sequentially?
simple impractical and insufficient. Is there anything for the people who got conned, where will victims go? There is no true justice in this world