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Former GFS official fined $70,000
- United Arab Emirates: Wednesday, January 07 - 2009 at 08:07
The Dubai Financial Services Authority released a statement yesterday saying it has fined former GFS Investments Compliance Reporting Officer Roberto Da Silva $70,000 for 'failing to carry out his duties as a compliance officer adequately'. The statement said DFSA investigated Da Silva's conduct between May 17, 2007, the date that GFS was licensed, to October 31, 2007, the date of his resignation from GFS. The GFS investigation had resulted the firm's operations being suspended in September and some employees banned from operating in the Dubai International Financial Centre for five years. The statement said Da Silva acknowledged the regulator's concerns about his conduct as an authorised individual of GFS.
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Jeff Florian, Senior ReporterWednesday, January 07 - 2009 at 08:07 UAE local time (GMT+4)
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