Dubai regulator fines former financier $210,000 over false and misleading statements

The Dubai Financial Services Authority (DFSA) has imposed a $210,000 fine ($771,330) on Gary Joseph Peters for providing false and misleading information, failing to submit required documents, and not being a suitable individual for such roles. Peters, who worked as the chief operating officer, managing partner, and public relations officer for a DFSA-authorised firm between November 2020 and June 2022, was not an authorized individual.

He was also prohibited from holding any office or being an employee of a DFSA-authorised firm or fund, as well as performing any financial service-related functions in or from the Dubai International Financial Centre. The DFSA found that Peters falsely denied prior convictions for fraud and other dishonest conduct in another jurisdiction and refused to provide the requested academic transcripts, despite multiple reminders.

The DFSA concluded that Peters was not a fit and proper person to hold these functions, as his actions violated Articles 66 and 69 of the Regulatory Law. DFSA's managing director of enforcement, Alan Linning, emphasized the importance of obtaining truthful information for effective regulation and enforcement, and that anyone required to answer questions under oath must do so honestly.

The case also demonstrated that individuals are accountable even without formal DFSA authorization. The DFSA issued its decision on May 21, 2026, with the prohibition and restriction taking effect immediately. Peters appealed the decision to the Financial Markets Tribunal, but it was struck out on October 19. The DFSA expressed gratitude for the cooperation of the Financial Services Regulatory Authority of Abu Dhabi Global Market during the investigation.