Dubai Fines Investor $210,000 For Denying Fraud Cases, Misleading Authority

(MENAFN- Khaleej Times) The Dubai Financial Services Authority (DFSA) has fined an investor over $210,000 (Dh771,330) for denying previous fraud cases and misleading the authority with false information.

The investor, Gary Joseph Peters, misled the authority by providing false and deceptive information related to his employment and criminal history as well as failing to provide documents.

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According to the regulator, Peters was employed by a firm authorised by DFSA from November 2020 to June 2022, in which he was described as managing partner and public relations officer, in addition to the firm's chief operating officer, as per the employment agreement.

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During a compulsory interview, the DFSA found that Peters provided“misleading and deceptive” information by falsely denying that he had previously been convicted of criminal offences involving fraud or other dishonest conduct.

Peters had been charged with, and pleaded guilty to, three separate cases where he was involved in fraudulent and criminal activities in another jurisdiction, DFSA said, with his conduct contravening Article 66 of the Regulatory Law 2004.

In addition to the fine, the DFSA, which is the independent regulator of financial services in Dubai International Financial Centre (DIFC), has also prohibited Peters from being employed by a DFSA authorised firm and restricted him from doing business connected with DIFC.

“Mr Peters was not, and has never been, a DFSA Authorised Individual,” the DFSA said in a statement.

Peters also failed to provide certificates or academic transcripts to support the qualifications he claimed to hold even after repeated attempts by 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,” it said.“The DFSA found that this contravened Article 69 of the Regulatory Law 2004.”

The DFSA added that Peters is not deemed fit to perform any function in connection with the provision of Financial Services in or from the DIFC.

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