Dubai Financial Services Authority (DFSA) made an announcement that it had restricted Jaime Corona, former financial adviser in the company for his immoral conduct when he advised clients about the value of their investment portfolios.
The restriction against the former financial adviser was imposed by the DFSA, which would stop Jaime Corona from carrying out any activities or functions in connection with Dubai International Financial Centre (DIFC) Authorised Firm for the next six years.
DFSA imposed the restriction because Corona was involved in a misleading and unreliable conduct by providing two clients from Dubai with false portfolio account statements, which showed that the value of their portfolio were more than their actual value. By taking on this behavior, DFSA found that Jamie Corona is not fit to provide financial services in DIFC.
Chief executive of the DFSA, Ian Johnson 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.”
> “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 concern,” Johnson added.