Economy

Dubai court issues 500-year prison sentences for rogue traders

A Dubai court sentenced rogue traders in the $200 million Exential scam to more than 500 years each in prison, reported The National.

According to the newspaper, Sydney Lemos and Ryan Fernandez, were sentenced on Sunday.

The swindlers at the center of the Dh734.6m Ponzi scheme got a year in prison for each of more than 500 criminal cases.

Any reduction in their sentence via appeal would still result in a life term at Dubai Central Prison in Al Awir.

Evidence was submitted to the Virgin Islands court by investigators employed by UK law firm Carlton Huxley to prove that creditors of FCI Market (an offshore brokerage linked to Exential) were owed considerable sums of money that the company was refusing to repay.

Assets were looked for in the UAE, India, Australia, America, Canada and the British Virgin Islands leading to freezing and emptying 25 bank accounts.

The court awarded a Dh1m judgment last year to a Filipino investor who spent close to Dh50,000 in legal fees and six months in the civil courts pursuing his claim.

However, he is to claim it when the court-appointed marshals are able to recover any Exential assets registered in the UAE.

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