7 October 2013 — DIFC Financial Adviser Banned by the DFSA
Dubai, UAE, 7 October 2013: The Dubai Financial Services Authority (DFSA) announced, today, that it had restricted a former financial adviser of a Dubai International Financial Centre (DIFC) Authorised Firm, Mr Jaime Corona (Mr Corona), for unethical conduct when he was advising clients about the value of their investment portfolios.
The restriction imposed by the DFSA prevents Mr Corona from performing any functions in connection with the provision of Financial Services in the DIFC for a period of six years.
The DFSA took this action because Mr 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 Mr Corona came to the attention of the DFSA after he left the UAE. By engaging in this conduct the DFSA found that Mr Corona is 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, Mr Corona failed to respond to any DFSA communications. Mr 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."
Mr Johnston added, "financial advisers are required to make accurate disclosures to consumers and if a consumer is concerned about the validity of advice provided then they should inform their financial services regulator of their concerns."
A copy of the Notice of Restriction can be found in the Public Register of the DFSA website under Regulatory Actions.