An investor who denied prior fraud charges and provided false information to the Dubai Financial Services Authority (DFSA) was fined more than $210,000 (Dh771,330). In addition to failing to produce documentation, the investor, Gary Joseph Peters, misled the authorities by giving incorrect and misleading information about his work and criminal past. The regulator claims that from November 2020 to June 2022, Peters worked for a company that was licensed by DFSA. According to the employment contract, he served as the company’s chief operational officer, managing partner, and public relations officer.
The DFSA discovered that Peters gave “misleading and deceptive” information during a mandatory interview by falsely denying that he had previously been found guilty of crimes involving fraud or other dishonest behaviour. According to DFSA, Peters was charged with and entered a guilty plea in three different incidents involving fraudulent and criminal activity in another jurisdiction, with his actions violating Article 66 of the Regulatory Law 2004.
In addition to the penalties, the DFSA, the independent regulator of financial services at the Dubai International Financial Center (DIFC), has banned Peters from working for a company that is authorised by the DFSA and limited his ability to conduct business with DIFC. According to a statement from the DFSA, “Mr. Peters was not and has never been a DFSA Authorised Individual.”
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