Dubai Financial Services Authority fines employee AED771,330 for providing misleading information

The Dubai Financial Services Authority (DFSA), the independent regulator of banking, financial services and markets in the Dubai International Financial Centre (DIFC), has imposed a financial penalty of US$210,000 (Dh771,330) on Gary Joseph Peters for providing false, misleading and deceptive information to the DFSA and failing to produce requested documents. In addition to the financial penalty imposed, the DFSA decided to prohibit Peters from holding any position or being employed by any firm or fund authorised by the DFSA, and to restrict him from performing any function relating to the provision of financial services in or from the DIFC. Peters worked for a firm authorised by the DFSA between November 2020 and June 2022. Although his employment contract stated that he held the position of Chief Operating Officer, he was also described as a “Managing Partner” and “Public Relations Officer”. His primary role was to introduce prospective investors to the firm. Peters was not, at any time, an individual authorised by the DFSA. The DFSA found that Peters provided misleading and deceptive information during a compulsory interview with the DFSA, in which he falsely denied having previous criminal convictions for offences involving fraud or other dishonest conduct. In fact, Peters had been charged in three separate cases involving his participation in fraudulent and criminal activities in another jurisdiction, to which he had pleaded guilty. His conduct in providing this false and misleading information constitutes a breach of Article 66 of the Regulatory Law 2004. The DFSA also requested that Peters provide academic certificates or transcripts to substantiate the educational qualifications he claimed to have obtained. Despite receiving a written request, subsequent reminders and additional opportunities to comply, Peters failed to provide the requested documents and did not offer a reasonable excuse for his failure to comply. The DFSA found that this constituted a breach of Article 69 of the Regulatory Law 2004. The DFSA concluded that Peters' conduct was extremely serious and considered that, in light of his criminal convictions and breaches of Articles 66 and 69, he was not fit and proper to perform any function relating to the provision of financial services in or from the DIFC. Fundamental pillar Alan Linning, Managing Director of Enforcement at the DFSA, said: “The DFSA's ability to obtain truthful and complete information is a fundamental pillar of effective regulation and enforcement. Anyone required to answer questions under oath must do so truthfully. Providing misleading information to the regulator, or failing without reasonable excuse to comply with a formal request to produce documents, obstructs the work of the DFSA and will result in firm action against those responsible. “This action also demonstrates that accountability is not limited to individuals authorised by the DFSA. The DFSA will use its powers whenever necessary to protect the integrity and reputation of the DIFC and users of its financial services sector.” The DFSA imposed the prohibition and restriction orders due to the seriousness of Peters' misconduct and the risks arising from his potential continued involvement in activities connected with regulated entities, or in the provision of financial services in or from the DIFC. On June 18, 2026, Peters challenged the DFSA's findings in the Decision Notice by referring the matter to the Financial Markets Tribunal. However, on October 19, 2026, the Financial Markets Tribunal ordered that the referral be struck out. The DFSA issued the Decision Notice on May 21, 2026, and the prohibition and restriction orders came into effect from the date the notice was issued. The DFSA extends its thanks and appreciation to the Financial Services Regulatory Authority of Abu Dhabi Global Market for its assistance and cooperation during the investigation into this matter.