Investors in the United Arab Emirates who have lost money as a result of investment opportunities recommended by Towry Law International are taking legal steps against the firm, according to a Gulf News report last week.
The UK-based financial advisory firm has been mired in controversy since the collapse of two Cayman Islands-based hedge funds which it aggressively marketed to clients, and recently announced that it would be significantly scaling back its international operations.
According to Gulf News, although the exact number of investors in the UAE who lost money as a result of the failure of the hedge funds, and the average amounts lost are as yet unknown, many of those contacted by the regional newspaper revealed that they had lost hundreds of thousands of dollars in the funds, which were reportedly marketed as low risk investments.
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