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10 April 2007 — DFSA Obtains Interim Injunctions to Stop Internet Fraud
Financial Markets Tribunal

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Apr 10 2007 onwards

10 April 2007 — DFSA Obtains Interim Injunctions to Stop Internet Fraud

Dubai, UAE, April 10, 2007: The Dubai Financial Services Authority (DFSA) obtained injunctions in the Dubai International Financial Centre (DIFC) Court today against the operators of the Euro-America Index.

The DFSA was alerted to the operations of Euro-America Index who purported to offer returns of between 100% to 230% on 100 day index investment products. On their website, Euro-America Index claimed to have three global trading centres, including Chicago and Zurich, as well as one based in Dubai and referred to the DIFC. The DFSA investigation has revealed that Euro-America Index was never authorised to trade in any of these financial centres, including the DIFC.

The DFSA was assisted in this investigation by the US Securities and Exchange Commission (SEC) and the Swiss Federal Banking Commission (SFBC).

The orders, which prohibited the operation of the website and stopped the conduct of Euro-America Index, were made by the Deputy Chief Justice of the DIFC Court, the Honourable Michael Hwang after a court appearance in Dubai via a video link with the judge in Singapore. Cooperation was received by the website domain owner, Domains by Proxy Inc. and GoDaddy.com based in Arizona, USA.

David Knott DFSA Chief Executive stated: "Once again the DFSA acted swiftly to protect the reputation of the DIFC and prevent potential loss to investors. Investors must exercise extreme caution when they view sites on the internet, be sure to obtain confirmation that the organisation is licensed and obtain independent financial advice before parting with their money. We are starting to see an increased trend in these types of e-frauds in the Middle East. Where they occur in our jurisdiction, the DFSA will take appropriate action".