ADGM's FSRA imposes fines of $8.85m on 'HAYVN' Group

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) announced the implementation of enforcement actions following an investigation into serious regulatory violations and misconduct related to the Hayvn Group of Companies, operating under the name "HAYVN," its former CEO Christopher Flinos, and related entities.

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The investigation conducted by the FSRA, according to a press release issued today by the Authority, concluded that there were serious violations and misconduct in the operations of three affiliated companies and the performance of Christopher Flinos.

During the investigation, the FSRA took necessary steps to ensure that no ADGM client assets or funds were lost as a result of this misconduct. The enforcement actions included the cancellation of the Financial Services Permission (FSP) granted to "Hayvn ADGM," the indefinite prohibition of Christopher Flinos from performing any function in financial services within ADGM, and the imposition of financial penalties totalling US$8.85 million on the four parties involved.