Initially, the fine issued was substantially higher ($2,793,403) however, the amount was reduced following an Enforceable Undertaking (EU) offered by the firm
financial misconduct
Latest in financial misconduct
bankrupt
FTX founder Sam Bankman-Fried faces 110 years in jail after jury finds him guilty of fraud
US District Judge Lewis Kaplan set Bankman-Fried’s sentencing for March 28, 2024
DFSA
Dubai firm fined $370,000 for financial service violations
The Dubai Financial Services Authority (DFSA) described FFA Private Bank’s approach towards assessing suspicious trading as “flawed”
DFSA
DFSA slaps $33,220 fine on former Equitativa Chief Financial Officer
This action follows the DFSA’s Decision Notice, which revealed Ishak’s involvement in misleading statements and financial reporting irregularities related to Emirates REIT
Donald Trump
Trump business empire under cloud as fraud trial opens in New York
Trump, the first sitting or former US president to be criminally charged, is under indictment in four separate cases
Donald Trump
New York judge rules former President Trump defrauded banks, insurers
Trump overstated his net worth by between $812 million and $2.2 billion; Damages to be decided in a trial starting October 2
anti-money laundering (AML)
UAE Central Bank shuts down major money exchange house over ‘serious misconduct’
The UAE Central Bank took actions against two financial entities operating within the nation
anti-money laundering
UAE revokes Dollar Exchange house license over ‘serious’ misconduct
The Dollar Exchange house was also found to have engaged in serious anti-money laundering (AML) violations
Abu Dhabi
Abu Dhabi Accountability Authority launches smart app for whistleblowers
The authority takes reporting of financial and administrative misconduct to a new level with the app, which is available on App Store and Google Play
Abu Dhabi
ADGM slaps $4.76 million fine on Elia, Babar Abbas
Abbas is Elia’s sole shareholder and former director
DIFC
Dubai tribunal upholds sanctions on senior banker for ‘serious misconduct’
Dubai Financial Services Authority issues $175k fine to Gilles Rollet over multiple breaches of its legislation
Federal Public Prosecution
Dubai developer Union Properties’ chairman held amid probe
Shareholders have approved Khalifa Al Hammadi’s dismissal along with three others from the company’s seven-member board
Abraaj Capital Limited
Former Abraaj managing partner hit with $1.9m fine from DFSA
Mustafa Abdel-Wadood was involved in the misuse of investor funds, the withholding of sale proceeds and reports from investors, providing false explanations to investors, and the cover of a $200m shortfall in a fund at its financial reporting date, according to a statement
Federal Public Prosecution
UAE authorities launch ‘major investigation’ into Dubai’s Union Properties
Investigation involves “complaints lodged by the Securities and Commodities Authority on allegations of financial violations”, according to state-run news agency WAM
Abraaj
Dubai regulator hits ex-Abraaj finance chief with record fine
The fine is the latest move by the Dubai Financial Services Authority over the Abraaj affair and the people behind a fraud that rattled reputations in the DIFC
Abraaj
Former Abraaj CFO fined $1.7m for ‘deception, unauthorised activity and compliance breaches’
Ashish Bhrugu Dave was the Abraaj Group CFO from September 2008 to September 2013 and then again from February 2017 to March 2018
Carlos Ghosn
Nissan CEO who oversaw Ghosn’s downfall testifies in court
Former Nissan Motor Co. Chief Executive Officer Hiroto Saikawa will testify in court about his role in Carlos Ghosn’s arrest