The Dubai Financial Services Authority (DFSA) has fined Gary Joseph Peters $210,000 (AED771,330) for giving false and misleading information during an investigation and for failing to produce documents it requested.
The regulator of the Dubai International Financial Centre (DIFC) also prohibited Peters from holding office in or being employed by a DFSA-authorized firm or fund, and restricted him from performing any function connected with financial services in or from the DIFC, it said in a statement on Monday.
Peters worked at a DFSA-authorized firm from November 2020 to June 2022, according to the regulator.
His employment agreement described him as chief operating officer, and he was also referred to as a managing partner and public relations officer. His main role was introducing potential investors to the firm, Gulf News reported.
He was never registered as a DFSA Authorized Individual, the regulator said.
During a compulsory interview, Peters falsely denied that he had previously been convicted of criminal offenses involving fraud or other dishonest conduct, the DFSA said.
The regulator found he had been charged with, and pleaded guilty to, offenses in three separate criminal cases in another jurisdiction. It said his statements breached Article 66 of the Regulatory Law 2004.
Peters also failed to provide certificates or academic transcripts for qualifications he claimed to hold, despite written requests and repeated reminders, which the DFSA said breached Article 69 of the same law.
The DFSA concluded that he was not a fit and proper person to perform functions connected with financial services in or from the DIFC.
“The DFSA’s ability to obtain truthful and complete information is fundamental to effective regulation and enforcement,” said Alan Linning, managing director of enforcement at the DFSA. “Anyone who is required to answer questions under oath must do so honestly.”
The regulator issued its decision notice on May 21, 2026, with the prohibition and restriction taking effect immediately.
Peters referred the decision to the Financial Markets Tribunal on June 18. The tribunal directed on Oct. 19 that his case be struck out, according to the DFSA.
The DFSA said the Financial Services Regulatory Authority of Abu Dhabi Global Market assisted with its investigation.
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