Dubai fines former financier over misleading statements

The Dubai Financial Services Authority (DFSA) has imposed a fine of $210,000 on former financier Gary Joseph Peters for providing false, misleading, and deceptive information to the regulator. Peters, who worked for a DFSA-authorised firm from November 2020 to June 2022, was employed as the chief operating officer, managing partner, and public relations officer.

His primary responsibility was to introduce potential investors to the firm. However, he was never an authorized individual by the DFSA. The regulator prohibited Peters from holding any office or being an employee of a DFSA-authorised firm or fund, and restricted him from performing any function related to providing financial services in or from the Dubai International Financial Centre (DIFC).

During a compulsory interview with the DFSA, Peters falsely denied having a prior criminal conviction for fraud or other dishonest conduct, which he had been charged with and pleaded guilty to in another jurisdiction. The DFSA also required Peters to produce academic transcripts or certificates supporting the qualifications he claimed to hold, but he failed to provide the documents despite multiple reminders.

The regulator concluded that Peters' conduct was particularly serious and that he was not fit and proper to perform such functions, citing breaches of Articles 66 and 69 of the Regulatory Law. DFSA's managing director of enforcement, Alan Linning, emphasized that truthful and complete information is crucial for effective regulation and enforcement.

Anyone required to answer questions under oath must do so honestly, and providing misleading information or failing to comply with formal requirements to produce documents will result in robust action against those who disregard the law. The DFSA issued its decision notice on May 21, 2026, and the prohibition and restriction took effect from that date.

Peters appealed the decision to the Financial Markets Tribunal, but it dismissed the reference on October 19, directing that it be struck out. The DFSA expressed gratitude to the Financial Services Regulatory Authority of Abu Dhabi Global Market for their cooperation during the investigation.