Publication Date:
Thu, 2005-11-03 03:00
DUBAI, 3 November 2005 — A Dubai court has sentenced six investors and brokers to three years in jail for conducting bogus trades on Dubai Islamic Bank shares in August. The court also ordered each investor to pay a one million dirham fine ($273,000) as well as another one million dirhams as compensation to the Dubai Financial Market and the financial regulator, the Securities and Commodities Authority (SCA). The defense lawyers said they would appeal the verdict, which was pronounced on Monday.
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