DFSA imposes $210,000 penalty on investor over false denials
By Dubai Currents Staff1 min read
The Dubai Financial Services Authority (DFSA) has fined an investor more than $210,000 (Dh771,330) for providing misleading information and denying previous fraud cases.
Misleading statements during compulsory interview
Gary Joseph Peters, the investor, misled the regulator by supplying false and deceptive information about his employment and criminal record, and by failing to hand over required documents, the DFSA said.
According to the authority, Peters worked for a DFSA-authorised firm from November 2020 to June 2022. His employment agreement described him as managing partner and public relations officer, as well as the firm’s chief operating officer.
During a compulsory interview, the DFSA found that Peters gave “misleading and deceptive” information by falsely denying that he had previously been convicted of criminal offences involving fraud or other dishonest conduct.
The DFSA stated that Peters had been charged with, and pleaded guilty to, three separate cases of fraudulent and criminal activity in another jurisdiction. His conduct contravened Article 66 of the Regulatory Law 2004.
Failure to provide academic documents
Peters also failed to provide certificates or academic transcripts to back up the qualifications he claimed to hold, despite repeated requests from the DFSA.
“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 regulator said. “The DFSA found that this contravened Article 69 of the Regulatory Law 2004.”
Prohibition from DIFC-related work
In addition to the fine, the DFSA has prohibited Peters from being employed by a DFSA-authorised firm and restricted him from doing any business connected with the Dubai International Financial Centre (DIFC).
“Mr Peters was not, and has never been, a DFSA Authorised Individual,” the DFSA said in a statement.
The DFSA added that Peters is not deemed fit to perform any function related to the provision of financial services in or from the DIFC.
