Dubai regulator fines former financial firm executive Dh771,330 for misleading investigators

Dubai: The Dubai Financial Services Authority (DFSA) has fined Gary Joseph Peters $210,000 (Dh771,330) for providing false and misleading information during a regulatory investigation and failing to submit documents supporting his claimed academic qualifications.

The regulator has also prohibited Peters from holding office or working for a DFSA-authorised firm or fund and restricted him from performing any function connected with financial services in or from the Dubai International Financial Centre (DIFC).

In a statement on Monday, the DFSA said Peters had falsely denied previous criminal convictions involving fraud or other dishonest conduct during a compulsory interview with investigators.

The regulator found that he had been charged with and pleaded guilty in three separate criminal cases involving fraudulent activities in another jurisdiction.

His statements breached Article 66 of the Regulatory Law 2004, which prohibits providing false or misleading information to the regulator.

Peters worked at a DFSA-authorised firm between November 2020 and June 2022. Although his employment contract identified him as Chief Operating Officer, he was also described as a Managing Partner and Public Relations Officer. His primary responsibility was introducing potential investors to the firm. He was never registered as a DFSA Authorised Individual.

During its investigation, the regulator requested certificates or academic transcripts to verify qualifications Peters claimed to hold. Despite written requests, repeated reminders and further opportunities to comply, he failed to produce the documents or provide a reasonable explanation.

The DFSA found that this breached Article 69 of the Regulatory Law 2004. The regulator concluded that Peters was not a fit and proper person to perform functions connected with financial services in or from the DIFC, citing his criminal convictions and regulatory breaches.

Alan Linning, Managing Director, Enforcement at the DFSA, said: “The DFSA’s ability to obtain truthful and complete information is fundamental to effective regulation and enforcement. Anyone who is required to answer questions under oath must do so honestly.”

He added: “This action also makes clear that a person does not need to be a DFSA Authorised Individual to be held accountable.” The DFSA said the restrictions were necessary to prevent Peters from remaining involved in activities connected with regulated financial entities or services in the DIFC.

The DFSA issued its Decision Notice on May 21, 2026, with the prohibition and restriction taking effect immediately.

Peters challenged the regulator's conclusions before the Financial Markets Tribunal on June 18. The tribunal directed on October 19 that his case be struck out.

The DFSA also acknowledged assistance from the Financial Services Regulatory Authority of Abu Dhabi Global Market during its investigation.