MAC Sharaf Brokerage Suspended for Three Weeks in Dubai on Rule Violations - Bloomberg

MAC Sharaf Securities LLC, a Dubai- based brokerage, has been suspended from trading for three weeks after regulators said it breached market rules, according to a document obtained by Bloomberg News.

The brokerage lent clients funds to buy shares and charged them with late payment and administration fees, the letter dated June 21 from the Securities and Commodities Authority said, listing the act as a violation. The suspension started June 23 and will end July 13, according to the document. The letter mentions the names of some people who aren’t accused of wrongdoing.

A MAC Sharaf “representative” told the regulator he impersonated a client to trade shares of Emaar Properties PJSC with the agreement of the head of trading, the SCA said in the letter. Emaar has the biggest weighting on Dubai’s benchmark stock index.