Dubai financial watchdog imposes $210,000 penalty on ex-financier for deceptive conduct

The Dubai Financial Services Authority (DFSA) has levied a $210,000 (Dh771,330) fine on Gary Joseph Peters for submitting false, misleading and deceptive information to the regulator and for failing to hand over required documents.

Employment and authorisation status

Peters worked at a firm authorised by the DFSA from November 2020 to June 2022. His employment contract listed him as chief operating officer, and he was also referred to as a managing partner and public relations officer. His main duty was to introduce potential investors to the company.

He was not, and had never been, an individual authorised by the DFSA.

Misleading statements and criminal history

The regulator also barred Peters from holding any office or working as an employee of a DFSA-authorised firm or fund. He has additionally been prohibited from performing any function linked to the provision of financial services within or from the Dubai International Financial Centre (DIFC).

During a compulsory interview with the DFSA, Peters falsely denied having any prior criminal convictions for fraud or other dishonest behaviour, the authority found.

In reality, Peters had been charged with and pleaded guilty to three separate cases involving fraud and other criminal activity in another jurisdiction.

Failure to produce documents

The DFSA further required Peters to provide certificates or academic transcripts supporting the qualifications he claimed to hold. Despite receiving a written demand, several reminders and additional chances to comply, Peters did not supply the requested documents and offered no reasonable justification for his failure.

The DFSA described Peters’ conduct as particularly serious and determined that he was not a fit and proper person to perform such functions. It found that he breached Articles 66 and 69 of the Regulatory Law.

Regulator’s warning and tribunal outcome

“The DFSA’s ability to obtain truthful and complete information is fundamental to effective regulation and enforcement,” said Alan Linning, the authority’s managing director of enforcement. “Anyone who is required to answer questions under oath must do so honestly. Providing misleading information to the regulator or failing without reasonable excuse to comply with a formal requirement to produce documents, obstructs the DFSA’s work and will result in robust action against those who flout the Law.”

Linning added that the case demonstrated that individuals did not need formal DFSA authorisation to be held accountable.

The DFSA imposed the prohibition and restriction because of the seriousness of Peters’ misconduct and the risk that he could otherwise remain involved in activities connected with regulated entities or the provision of financial services in or from the DIFC.

The DFSA issued its decision notice on 21 May 2026, with the prohibition and restriction taking effect from that date.

Peters referred the decision to the Financial Markets Tribunal on 18 June, challenging the regulator’s conclusions. However, the tribunal directed on 19 October that the reference be struck out.

The DFSA thanked the Financial Services Regulatory Authority of Abu Dhabi Global Market for its co-operation during the investigation.