Disciplinary action taken by the QFC Regulatory Authority to fine Karim Paul Noujaim $20,000 and prohibit him from being employed by any authorised firm in the QFC, as a result of his serious misconduct, has been upheld by the QFC Regulatory Tribunal.
The QFC Regulatory Authority found that, while being the most senior employee of the QFC branch of JP Morgan, Mr. Noujaim committed serious misconduct including failing to act with integrity in his position and acting with dishonesty. Specifically, while he was an approved individual, Mr. Noujaim forged the signature of JP Morgan’s Chief Financial and Operating Officer on a letter he submitted to a local Qatar bank to support a personal financial application by Mr. Noujaim.
The QFC Regulatory Authority made this decision in September 2013 and Mr. Noujaim appealed the decision to the QFC Regulatory Tribunal, as he was entitled to do under QFC Law.
After hearing the matter, the QFC Regulatory Tribunal found that Mr. Noujaim’s misconduct was serious and had the potential to undermine confidence in the QFC financial system. The Tribunal concluded that there was nothing excessive about the financial penalty and that the prohibition order was entirely justified in order to protect the QFC and the public.
Michael Ryan, Chief Executive Officer of the QFC Regulatory Authority said: “The public has a right to expect that the people they deal with in the QFC uphold the principles of trust and integrity. By acting as he did, Mr. Noujaim seriously damaged these principles. The outcome of the QFC Regulatory Tribunal’s decision, in upholding the enforcement action against Mr. Noujaim, underscores the importance of the maintenance of these principles in order to protect the integrity and reputation of the QFC.”