DOHA: The QFC Civil and Commercial Court has ordered Mark Phillip Recardo to pay $70,000 to the Qatar Financial Centre Regulatory Authority due to serious misconduct committed over a period of more than two years.
Recardo was the former Chief Executive Officer of International Financial Services (Qatar) LLC (IFSQ). In September 2014, the Regulatory Authority announced that it had taken disciplinary action against Recardo. He was found by the QFC Regulatory Authority to have carried out investment management activities, without appropriate client consent, that were outside IFSQ’s scope of authorisation. As a result of the Regulatory Authority’s disciplinary action, Recardo was fined $70,000.
Due to Recardo’s failure to pay the financial penalty, the Regulatory Authority took action in the court to seek an order compelling Recardo to pay the financial penalty. In a judgment dated 3 March 2015, the court determined that Recardo failed to pay the sum of $70,000 and that the sum is owed as a debt to the Regulatory Authority, pursuant to Article 59 of the QFC Financial Services Regulations.
Michael Ryan, CEO of the Regulatory Authority, said: “This court judgment confirms that financial penalties must be paid and the Regulatory Authority will take the necessary action to recover them.”
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