Dubai regulator fines former financier $210,000 over false and misleading statements
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…
The Dubai Financial Services Authority (DFSA) has imposed a significant fine of $210,000 (Dh771,330) on former financier Gary Joseph Peters for providing false and misleading information. Mr Peters, who worked as the chief operating officer, managing partner, and public relations officer for a DFSA-authorised firm from November 2020 to June 2022, was not an authorized individual.
The regulator found Peters guilty of providing false information and not producing required documents during a compulsory interview. Furthermore, Peters falsely denied previous convictions for fraud and other dishonest conduct. The DFSA also required Peters to produce academic transcripts to support his qualifications, which he failed to do despite multiple reminders and opportunities.
The authority concluded that Peters was not fit to perform such functions, finding breaches of Articles 66 and 69 of the Regulatory Law. DFSA's managing director of enforcement, Alan Linning, emphasized the importance of obtaining truthful and complete information for effective regulation, stating that providing misleading information or failing to comply with requirements obstructs their work and will result in robust action.
Peters challenged the decision in the Financial Markets Tribunal on June 18, but the tribunal dismissed his reference on October 19.
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