The Qatar Financial Centre (QFC) Regulatory Tribunal has upheld the disciplinary action taken by QFC Regulatory Authority (QFCRA) against former JP Morgan employee Karim Paul Noujaim for some “serious misconduct”.
The QFCRA had slapped a fine of $20,000 and prohibited Noujaim from being employed by any authorised firm in the QFC.
While being the most senior employee of the QFC branch of JP Morgan, Noujaim committed serious misconduct including failing to act with integrity in his position and acting with dishonesty, QFCRA found.
Specifically, while he was an approved individual, Noujaim forged the signature of JP Morgan’s chief financial and operating officer on a letter and submitted the same to a local Qatar bank to support a personal financial application.
The regulatory authority had taken a decision in September 2013 and Noujaim had appealed the decision to the tribunal, as he was entitled to do under QFC Law.
After hearing the matter, the tribunal found that 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,” a QFCRA spokesman said.
“The public has a right to expect that the people they deal with in the QFC uphold the principles of trust and integrity,” according to Michael Ryan, CEO of QFCRA.
