Dubai fines Lebanese banker for overstating client’s wealth | The National:
"Dubai’s financial regulator has fined a private banker Dh27,525 for overstating the wealth of a client in 2009.
Tareck Fouad Farah, a Lebanese national, was chief executive of FFA private bank at the time and “issued a bank reference letter on behalf of a client containing false information that was addressed to another financial institution”, the Dubai Financial Services Authority (DFSA) said yesterday.
“The bank reference letter stated that the client held a portfolio of securities valued at approximately Dh18.3 million”, whereas the actual value was only Dh697,000. No person suffered a financial loss as a result of Mr Farah’s actions."
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