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Abu Dhabi court cracks down on financial fraudsters
February 7, 2010
According to the WAM newswire, his 94 associates including his sister and two brothers were also sentenced two years each in prison for tricking depositors to put their money into a non-existent investment firm.
The court of first instance also ordered to destroy the forged document. The first defendant has also been ordered to pay a total penalty of AED 150,000 ($40,840)while the other defendants have been ordered to pay AED50,000 ($13,613) each in fine.
Handing out its verdict in a second case, the court sentenced the three prime suspects in 'Shandaqawi Portfolio' case- to three years in prison, and AED 100,000 in fine for amassing amounts from people through fraudulent ways, WAM added.
Original Posting At: ArabianBusiness
The court of first instance also ordered to destroy the forged document. The first defendant has also been ordered to pay a total penalty of AED 150,000 ($40,840)while the other defendants have been ordered to pay AED50,000 ($13,613) each in fine.
Handing out its verdict in a second case, the court sentenced the three prime suspects in 'Shandaqawi Portfolio' case- to three years in prison, and AED 100,000 in fine for amassing amounts from people through fraudulent ways, WAM added.
Original Posting At: ArabianBusiness
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