Crimes in Dubai by the DIFC? Off with their heads!

by Dylan Bowman on Sunday, 07 September 2008

FIRM ACTION: GFS Investments employees have been banned from the DIFC for five years and the firm fined $25,000. (Getty Images)

Nine employees of an online forex and commodities trading firm have been banned from the Dubai International Financial Centre (DIFC) for five years and the firm fined $25,000 for mis-selling and “deliberate and dishonest conduct”.

The Dubai Financial Services Authority (DFSA) said on Sunday that GFS Investments (Middle East) Limited has also agreed to pay $502,000 in compensation to customers who suffered losses resulting from the misconduct.

The DFSA said an investigation into GFS Investments, incorporated in the DIFC on Jan. 31 last year, had found “repeated instances of mis-selling, including transactions that were unfair, unsuitable and not made in the best interests of customers”.

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