Investors who claim to have lost hundreds of thousands of pounds in investment schemes run by an unlicensed financial adviser have launched a civil case in the Dubai courts.
Several expatriates in the UAE are claiming civil damages against adviser Neil Grant, who they say won their trust before misleading them over high-risk investments. Grant was convicted this year of operating in Dubai without a local licence, and is believed to have subsequently fled Dubai for Scotland.
The legal action is being pursued in the Dubai Civil Court. According to reports in Abu Dhabi’s The National, one of Grant’s former clients claimed he had taken $115,000 in commission from savings plans with a pension fund in the UK, with an additional seven years’ worth of management fees.
“I thought he was more than our financial adviser, he became a friend over the 10 years or so we knew him, yet all the time it was fake,” she said.
“Grant was just trying to win me over to trust him so he could get his hands on our money.”