The DFSA was alerted to the operations of Euro-America Index who purported to offer returns of between 100% to 230% on 100 day index investment products. On their website, Euro-America Index claimed to have three global trading centres, including Chicago and Zurich, as well as one based in Dubai and referred to the DIFC. The DFSA investigation has revealed that Euro-America Index was never authorised to trade in any of these financial centres, including the DIFC.
The DFSA was assisted in this investigation by the US Securities and Exchange Commission (SEC) and the Swiss Federal Banking Commission (SFBC).
The orders, which prohibited the operation of the website and stopped the conduct of Euro-America Index, were made by the Deputy Chief Justice of the DIFC Court, the Honourable Michael Hwang after a court appearance in Dubai via a video link with the judge in Singapore. Cooperation was received by the website domain owner, Domains by Proxy Inc. and GoDaddy.com based in Arizona, USA.
David Knott DFSA Chief Executive stated: "Once again the DFSA acted swiftly to protect the reputation of the DIFC and prevent potential loss to investors. Investors must exercise extreme caution when they view sites on the internet, be sure to obtain confirmation that the organisation is licenced and obtain independent financial advice before parting with their money. We are starting to see an increased trend in these types of e-frauds in the Middle East. Where they occur in our jurisdiction, the DFSA will take appropriate action".
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DFSA obtains interim injunctions to stop internet fraud
- United Arab Emirates: Wednesday, April 11 - 2007 at 10:11
- PRESS RELEASE
The Dubai Financial Services Authority (DFSA) obtained injunctions in the Dubai International Financial Centre (DIFC) Court against the operators of the Euro-America Index.
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For further information, please contact:Ms. Angharad Irving - Jones
Manager, Communications and Strategic Planning
Dubai Financial Services Authority
Dubai, U.A.E.
Tel: +971 (0) 4 362 1661
Fax: +971 (0) 4 362 0801
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The DFSA is a central component of the DIFC, a financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
US Securities and Exchange Commission (SEC) The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. The SEC oversees the key participants in the securities world, including securities exchanges, securities brokers and dealers, investment advisors, and mutual funds. The SEC is concerned primarily with promoting the disclosure of important market-related information, maintaining fair dealing, and protecting against fraud.
Swiss Federal Banking Commission (SFBC). The SFBC is an administrative authority of the Confederation which is independent of the individual directives of the Federal Council and is not a part of central government administration. Administratively, however, it is simply integrated within the Federal Department of Finance . The supervision of those parts of the financial sector over which it has authority is assumed by the SFBC on an independent basis.
The authority responsible for supervising the banking sector, the SFBC has with time developed into a supervisory authority responsible for broad areas of the financial sector. At present, it assumes, on an independent basis.
In addition to its core duties of supervision, the SFBC is also active in other areas that relate to Switzerland as a financial centre.
Posted by Lara Lynn Golden, News EditorWednesday, April 11 - 2007 at 10:11 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Mon Apr 30 2007.
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