Ex-CEO of IFSQ ordered to pay $70,000 to QFCRA

The Qatar Financial Center (QFC) Civil and Commercial Court has ordered Mark Phillip Recardo to pay $70,000 to the Qatar Financial Centre Regulatory Authority (QFCRA) due to “serious misconduct” committed over a period of more than two years.Recardo, the former CEO of International Financial Services Qatar (IFSQ), was found by the QFCRA to have carried out investment management activities, without appropriate client consent, that were outside IFSQ’s scope of authorisation.In September 2014, the QFCRA announced that it had taken disciplinary action against him, following which Recardo was fined $70,000.Due to Recardo’s failure to pay the financial penalty, the QFCRA moved the court to seek an order compelling Recardo to pay the financial penalty.In a judgment dated March 3, 2015, the court determined that Recardo failed to pay the sum and that the sum is owed as a debt to the QFCRA, pursuant to Article 59 of the QFC Financial Services Regulations.“This court judgment confirms that financial penalties must be paid and the QFCRA will take the necessary action to recover them,” QFCRA CEO Michael Ryan said.