DFSA Bars Gary Joseph Peters from Financial Services for Concealing Past Fraud Convictions.
Dubai: The Dubai Financial Services Authority (DFSA) has imposed a fine of $210,000 (Dh771,330) on Gary Joseph Peters for misleading investigators during a regulatory inquiry and failing to provide documents verifying his claimed academic qualifications.
In addition to the financial penalty, the regulator has banned Peters from holding positions or working at DFSA-authorised firms or funds. He has also been restricted from carrying out any activities related to financial services within or from the Dubai International Financial Centre (DIFC).
In a statement issued on Monday, the DFSA revealed that Peters had falsely denied having previous criminal convictions involving fraud or dishonest conduct while being questioned during a compulsory regulatory interview.
However, the investigation established that he had faced charges and pleaded guilty in three separate criminal cases involving fraudulent activities in another jurisdiction.
The regulator determined that his statements violated Article 66 of the Regulatory Law 2004, which prohibits individuals from supplying false or misleading information to the DFSA.
Former Executive Failed to Provide Academic Qualification Records
Peters was employed by a DFSA-authorised financial services firm between November 2020 and June 2022.
Although his employment agreement listed him as the company’s Chief Operating Officer, he was also referred to as a Managing Partner and Public Relations Officer.
His main responsibility involved identifying and introducing prospective investors to the firm.
Despite holding these responsibilities, Peters was never registered as a DFSA Authorised Individual.
As part of its investigation, the regulator sought documentary evidence supporting the academic qualifications Peters had claimed to possess.
Investigators requested educational certificates or official academic transcripts to verify those credentials.
However, despite receiving formal written requests, multiple reminders and additional opportunities to submit the required records, Peters failed to provide the documents.
He also did not offer a reasonable explanation for his failure to comply.
The DFSA concluded that this conduct constituted a breach of Article 69 of the Regulatory Law 2004.
Considering his previous criminal convictions and violations of regulatory requirements, the authority determined that Peters did not meet the standards required of a fit and proper person to perform functions associated with financial services in or from the DIFC.
DFSA Stresses Importance of Honesty During Investigations
Alan Linning, Managing Director, Enforcement at the DFSA, emphasised that accurate and complete disclosures are essential to maintaining effective financial regulation.
“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 said.
Linning also highlighted that regulatory accountability extends beyond individuals who are formally authorised by the DFSA.
“This action also makes clear that a person does not need to be a DFSA Authorised Individual to be held accountable,” he added.
The regulator explained that the prohibition and restrictions were imposed to prevent Peters from continuing to participate in activities associated with regulated financial firms or financial services operating within the DIFC.
Financial Markets Tribunal Dismisses Challenge
The DFSA issued its formal Decision Notice on May 21, 2026, with the prohibition and restrictions coming into force immediately.
Peters subsequently challenged the regulator’s findings before the Financial Markets Tribunal on June 18.
However, on October 19, the tribunal directed that his case be struck out.
The DFSA also recognised the assistance provided by the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) during the investigation.
