The Dubai Financial Services Authority has fined Gary Joseph Peters $210,000 (Dh771,330) for providing false, misleading and deceptive information to the regulator and failing to produce documents.
Mr Peters worked for a DFSA-authorised firm from November 2020 to June 2022. His employment agreement described him as the chief operating officer, while he was also referred to as a managing partner and public relations officer. His principal role was to introduce potential investors to the firm.
He was not, and had never been, a DFSA-authorised individual.
The regulator also prohibited Mr Peters from holding office or being an employee of a DFSA-authorised firm or fund. He has also been restricted from performing any function related to providing financial services in or from the Dubai International Financial Centre.
The DFSA found that, during a compulsory interview with the regulator, Mr Peters had falsely denied having previously been convicted of criminal offences involving fraud or other dishonest conduct.
In fact, Mr Peters was charged with and pleaded guilty to three separate cases involving fraud and other criminal activity in another jurisdiction.
The DFSA also required Mr Peters to produce certificates or academic transcripts supporting the qualifications he claimed to hold. Despite receiving a written requirement, subsequent reminders, and further opportunities to comply, Mr Peters failed to provide the requested documents and offered no reasonable excuse for his non-compliance.
The DFSA said Mr Peters' conduct was particularly serious and concluded that he was not a fit and proper person to perform such functions. It found that he breached Articles 66 and 69 of the Regulatory Law.
“The DFSA’s ability to obtain truthful and complete information is fundamental to effective regulation and enforcement,” said Alan Linning, the authority’s managing director of enforcement.
“Anyone who is required to answer questions under oath must do so honestly. Providing misleading information to the regulator or failing without reasonable excuse to comply with a formal requirement to produce documents, obstructs the DFSA’s work and will result in robust action against those who flout the Law.”
Mr Linning said the case also showed that individuals did not need formal DFSA authorisation to be held accountable.
The DFSA imposed the prohibition and restriction because of the seriousness of Mr Peters’ misconduct and the risk that he could otherwise remain involved in activities connected with regulated entities or the provision of financial services in or from the DIFC.
The DFSA issued its decision notice on May 21, 2026, with the prohibition and restriction taking effect from that date.
Mr Peters referred the decision to the Financial Markets Tribunal on June 18, challenging the regulator’s conclusions. However, the tribunal directed on October 19 that the reference be struck out.
The DFSA thanked the Financial Services Regulatory Authority of Abu Dhabi Global Market for its co-operation during the investigation.