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Former Guardian WM chief fined $50,000 in Qatar

Former Guardian WM chief fined $50,000 in Qatar
  • Christopher Copper-Ind
  • @intlinvestment
  • 20 August 2020
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The Qatar Financial Centre (QFC) issued a fine and banned the former CEO of Guardian Wealth Management Qatar from operating in the Gulf state.

Qatar's Regulatory Authority, an arm of the QFC, said that David Russell was fined $50,000 and barred from working in the Qatari financial services sector for three years.

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  • Qatar financial regulator fines and bans directors of Guardian Wealth
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  • Qatar sees 69% growth in number of registered companies

The Regulatory Authority outlined the two charges levelled at Russell. First, failing to act with "due skill, care and diligence" in relation to his oversight of Guardian WM's compliance with the Regulatory Authority's requirements.

And second, Russell was charged with failing to deal with the Regulatory Authority in an "open and cooperative manner and keeping it promptly informed of any matters relating to Guardian WM of which the regulator would reasonably expect notice."

In July last year International Investment reported the QFC's decision to both directors of Guardian Wealth Management Qatar and issue a fine of $400,000. Guardian WM Qatar was issued a $1m fine in 2018 for regulatory breaches and subsequently went into liquidation in 2019.

Russell's appeal against the fine was rejected by the tribunal in Doha.

 

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