Dubai, United Arab Emirates,October 2026: The Dubai Financial Services Authority (DFSA), the independent banking, financial services, and markets regulator of Dubai International Financial Centre (DIFC), has imposed a financial penalty of USD 210,000 (AED 771,330) on Gary Joseph Peters for providing false, misleading and deceptive information to the DFSA and failing to produce documents.
In addition to the fine, the DFSA has:
- prohibited Mr Peters from holding office or being an employee of a DFSA authorised firm or fund; and
- restricted him from performing any function in connection with the provision of Financial Services in or from the DIFC.
Mr Peters was employed by a DFSA Authorised Firm from November 2020 to June 2022. Although his employment agreement described him as its Chief Operating Officer, he was also described as a “Managing Partner” and a “Public Relations Officer”. His principal role was to introduce potential investors to the firm. Mr Peters was not, and has never been, a DFSA Authorised Individual.
The DFSA found that, during a DFSA compulsory interview, Mr Peters provided misleading and deceptive information by falsely denying that he had previously been convicted of criminal offences involving fraud or other dishonest conduct.
In fact, Mr Peters had been charged with, and pleaded guilty to, three separate cases where he was involved in fraudulent and criminal activities in another jurisdiction. His conduct in providing this false and misleading information contravened Article 66 of the Regulatory Law 2004.
The DFSA also required Mr Peters to produce certificates or academic transcripts supporting the qualifications he claimed to hold. Despite receiving a written requirement, subsequent reminders and further opportunities to comply, Mr Peters failed to provide the requested documents and did not offer a reasonable excuse for his non-compliance. The DFSA found that this contravened Article 69 of the Regulatory Law 2004.
The DFSA concluded that Mr Peters’ conduct was particularly serious and determined that, in light of his criminal convictions and his contraventions of Articles 66 and 69, he is not a fit and proper person to perform any function in connection with the provision of Financial Services in or from the DIFC.
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. 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.
This action also makes clear that a person does not need to be a DFSA Authorised Individual to be held accountable. The DFSA will use its powers where necessary to protect the integrity and reputation of the DIFC and the users of its financial services industry.”
The DFSA imposed the prohibition and restriction due to the seriousness of Mr Peters’ misconduct and the resulting risk that he could otherwise remain involved in activities connected with regulated entities or the provision of Financial Services in or from DIFC.
On 18 June 2026, Mr Peters challenged the conclusions in the DFSA’s Decision Notice by referring it to the Financial Markets Tribunal (FMT). However, the FMT directed on 19 October 2026 that the reference should be struck out.
The Decision Notice was issued on 21 May 2026. The prohibition and restriction took effect from the date of the Notice.
The DFSA acknowledges and thanks the Financial Services Regulatory Authority of Abu Dhabi Global Market for its assistance and cooperation in the investigation of this case.
A copy of the Decision Notice setting out the full details of this matter can be found in the Decision Notices section of the DFSA website.
The FMT’s decision is available in the FMT section of the DFSA’s website.
