DFSA imposes $210,000 fine on ex-financier for providing false information

Gary Joseph Peters has been fined $210,000 (Dh771,330) by the Dubai Financial Services Authority (DFSA) after the regulator found he supplied false, misleading and deceptive information and failed to hand over required documents.

Background and role

Mr Peters worked for a DFSA-authorised firm from November 2020 to June 2022. His employment contract listed him as chief operating officer, and he was also described as a managing partner and public relations officer. His main job was to introduce potential investors to the firm.

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

Violations and ban

The regulator has also barred Mr Peters from holding any office or being employed by a DFSA-authorised firm or fund. Further restrictions prevent 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, Mr Peters falsely denied having any previous convictions for fraud or other dishonest conduct, the regulator found. In reality, he had been charged with and pleaded guilty to three separate cases involving fraud and other criminal activity in another jurisdiction.

The DFSA also demanded that Mr Peters produce certificates or academic transcripts to support the qualifications he claimed to hold. Despite receiving a written request, several reminders, and further opportunities to comply, Mr Peters did not provide the documents and offered no reasonable explanation for his failure.

Regulatory response

The DFSA stated that Mr Peters’ behaviour was particularly serious and concluded that he was not a fit and proper person to carry out such functions. The authority determined that he breached Articles 66 and 69 of the Regulatory Law.

“The DFSA’s ability to obtain truthful and complete information is fundamental to effective regulation and enforcement,” said Alan Linning, the DFSA’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.”

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

The ban and restrictions were imposed due to the seriousness of Mr Peters’ misconduct and the risk that he could otherwise continue to be involved in activities linked to regulated entities or the provision of financial services in or from the DIFC.

Legal proceedings

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