Some might have considered the length of the sentence issued to two fraudsters this week an extraordinary decision. However, the pair, who fleeced $200 million from up to 7,000 UAE residents, merited the harshest penalty. While thousands of residents plunged their life savings into the Exential foreign exchange investment scam, Sydney Lemos – who spearheaded the firm's Ponzi scheme – was living a James Bond-style existence on their money. Such was the scammer's moral decrepitude that he was buying motorbikes, apartments and ostentatious cars bearing 007 number plates while his victims waited endlessly for a payday that would never come. Lemos and his associate Ryan Fernandez each received 500 years in prison, sending a powerful message that financial crime does not pay.
Through the Ponzi scheme, the pair vowed to more than double an initial $25,000 investment using a complex foreign currency algorithm. Money from new investors was used to pay off longer-term investors at the top of the pyramid until payments dried up and investors panicked. By the time the Department of Economic Development closed the Dubai Media City firm in 2016, their precious savings were gone and they were left destitute. Investigators are now searching for the bad-faith investors, who knowingly recommended the scam to others, enriching themselves in the process. The cynical nature with which Lemos and Fernandez pursued vulnerable people makes their crimes particularly grim. Among their numerous victims were cabin crew members and a church group, which yielded 90 investors. Many of them were able to take out large loans to opt into the scheme, which raises searching questions about the moneylenders who loaned huge sums of money without querying whether they could pay it back. Unable to afford extortionate legal fees, thousands of investors are now dealing with the heartbreaking reality of being unable to recoup any of their money. The sentence, while a stern warning, is symbolic only without the chance of restitution for many who have lost out.
With a lack of financial literacy among some of the population, there has been potential for exploitation in the UAE, as these pages have previously reported. The court case follows the conviction of financial adviser Neil Grant, who ran a company without a licence. His victims, who lost hundreds of thousands of dirhams, have since launched a civil case. Most of those targeted by fraudsters will never recoup their losses but Sunday's sentencing at least demonstrates that such mercenary behaviour will be met with an iron fist.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Civil%20War
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The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
COMPANY%20PROFILE%20
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Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
The%20Mandalorian%20season%203%20episode%201
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERick%20Famuyiwa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EPedro%20Pascal%20and%20Katee%20Sackhoff%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%C2%A0%3C%2Fp%3E%0A
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
COMPANY%20PROFILE
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Turkish Ladies
Various artists, Sony Music Turkey
MATCH INFO
Al Jazira 3 (O Abdulrahman 43', Kenno 82', Mabkhout 90 4')
Al Ain 1 (Laba 39')
Red cards: Bandar Al Ahbabi (Al Ain)
Killing of Qassem Suleimani
COMPANY%20PROFILE%20
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Easter%20Sunday
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
KILLING OF QASSEM SULEIMANI
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
Saturday's schedule at the Abu Dhabi Grand Prix
GP3 race, 12:30pm
Formula 1 final practice, 2pm
Formula 1 qualifying, 5pm
Formula 2 race, 6:40pm
Performance: Sam Smith
