The Dubai Financial Services Authority (DFSA) fined former financial firm employee Gary Joseph Peters $210,000, equivalent to AED 771,330, for providing false and misleading information about his criminal record and failing to submit requested documents.

The regulator said Peters falsely denied having previous criminal convictions involving fraud and dishonest conduct during a compulsory interview.

The DFSA’s investigation found that he had previously faced charges in three separate cases involving fraud and criminal activity in another jurisdiction and had admitted committing the offences.

Employment at a financial firm

Peters worked at a DFSA-authorised firm from November 2020 to June 2022.

Although his employment contract listed him as chief operating officer, he was also referred to as managing partner and head of public relations. His primary role was to introduce prospective investors to the firm.

However, the regulator stressed that Peters had never personally been authorised by the DFSA to carry out professional activities.

Failure to provide academic records

The DFSA also asked Peters to provide academic certificates or university transcripts relating to qualifications he claimed to hold.

Despite receiving a written request, repeated reminders and additional time, he failed to submit the documents or provide a valid excuse.

The regulator said providing misleading information constituted a breach of Article 66, while failing to submit the documents breached Article 69 of the Regulatory Law 2004.

Ban and restrictions on financial activities

In addition to the fine, Peters was barred from holding office or working at DFSA-authorised firms and funds. He was also restricted from carrying out activities connected with providing financial services in or from the Dubai International Financial Centre (DIFC).

The decision was issued on May 21, 2026, and the prohibitions took effect on the same date.

Peters challenged the decision on June 18, but the Financial Markets Tribunal ordered the case to be struck out on October 19.

The DFSA stressed that individuals are required to provide regulators with accurate and complete information, and that even those without personal professional authorisation will be held accountable for misconduct.