The registration authority (RA) of the Global Market of Abu Dhabi (ADGM) has concluded its research on the special vehicle (SPV) AC Holding Limited (AC Holding) and its only shareholder and director, Christopher Flinos.
The investigation discovered significant violations of the regulations of the financial center by AC Holding and Flinos.
According to the RA, AC Holding exceeded the scope of its commercial license by acting as an investment company and offering financial services to customers.
The ADGM registration authority concludes research on CA possession and director Christopher Flinos
The company also participated in the processing of cable transactions to convert cryptocurrencies into fiduciary coins and vice versa, which is beyond the reach of its authorized activities.
In addition, AC Holding presented four false annual accounts to AR for the 2019 financial years to 2022.
It was discovered that Christopher Flinos had dedicated himself to fraudulent trade. Facilitated cryptocurrency conversion transactions without a license, cheating on the varied parts about the nature of transactions.
Flinos also facilitated the falsification and provision of hundreds of company documents to keep bank accounts fraudulently.
As a result of these violations, the AR has imposed a total of $ 3,615,000 in financial fines. These include:
- A fine or $ 15,000 Against the possession of AC to exceed the scope of its license under the 2015 ADGM Commercial Licensing Regulations.
- A fine or $ 300,000 Against the retention of AC to present false annual accounts and participate in fraudulent schemes in violation of the regulations of ADGM 2020 companies.
- A fine or $ 3.3 million Against Christopher Flinos for providing false information to the AR, participating in fraudulent activities and falsifying the company’s documents, also in contravention of the regulations of ADGM 2020 companies.
In addition to financial sanctions, Christopher Flinos has been disqualified to hold the position of director in any company based in ADGM for the maximum permitted period of 15 years.
The AR has considered that Flinos is not suitable for serving as director of the company due to its deliberate misuse or the AC Holding spv license as a payment facilitator and its invention in fraudulent activities.
“Maintaining commercial integrity and the protection of business confidence in ADGM is at the forefront of the objectives of the registration authority. We continue to be committed to the prevention and conduct of deterring that can damage companies, their clients and investors. Where to take, proportion, proportion, proportion, proportion, proportion, proportion, proportion, proportion, proportion, proportion, proportion.
The AR has expressed its gratitude to the Regulatory Authority of Financial Services (FSRA) of the Financial Center for its duration of research cooperation.
