The Dubai Financial Services Authority has fined Mr Wael Abdelmohsen Abdellatif Mohamed Emara, known as Mr Mohsen, USD 139,722 for misleading and deceptive conduct and has prohibited him from holding office or being employed by a DFSA Authorised Firm. It also restricted him from performing any function connected with the provision of financial services in or from the Dubai International Financial Centre. The authority found that he lacked integrity and was not fit and proper to be involved in financial services in or from the centre. Mr Mohsen was a reinsurance broker in a senior role at Ed Broking MENA Limited, where he assisted cedant insurers in placing risks with reinsurance companies. Over more than three years, the DFSA found that he quoted higher premiums to cedant insurers and lower premiums to reinsurers for the same placements so the difference was retained by the firm as additional brokerage, told reinsurers that deductions were required when the amounts were instead kept by the firm as brokerage, and provided manipulated reinsurance documents showing higher premiums or lower brokerage and deductions. The fine was reduced from USD 285,149 because he agreed to settle and the DFSA considered his request for a reduction on grounds of financial hardship. Earlier this year, the DFSA fined the firm USD 455,176 for similar and other related breaches of DFSA legislation.

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