WHEREAS on June 4, 2020, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of By-law No. 1 (the “Notice of Hearing”) in respect of a disciplinary proceeding commenced against Amin Mohammad Ali (the “Respondent”) which shall take place before a hearing panel of the Central Regional Council (the “Hearing Panel”);
AND WHEREAS on September 28, 2020, at an appearance before the Chair of the Hearing Panel, the hearing on the merits was scheduled for May 27 and 28, 2021;
AND WHEREAS on May 7, 2021, the hearing on the merits was adjourned to a date to be determined to permit the Respondent to bring a motion, seeking to adjourn the proceeding;
AND WHEREAS on August 11, 2021, the Respondent brought a motion returnable on August 30, 2021 to adjourn the proceeding sine die on the basis that a medical condition will prevent the Respondent from participating in the hearing on the merits and instructing counsel;
AND WHEREAS after hearing submissions from Staff and counsel for the Respondent on August 30, 2021 and September 14, 2021, the Hearing Panel dismissed the Respondent’s motion without prejudice to renew the motion supported by further evidence prior to or at the commencement of the hearing on the merits, which was scheduled to be heard from February 8 to 11, 2022;
AND WHEREAS on January 31, 2022, the Respondent brought a renewed motion returnable on February 8, 2022 to adjourn the proceeding sine die on the basis that a medical condition will prevent the Respondent from participating in the hearing on the merits and instructing counsel;
AND WHEREAS after hearing submissions from Staff and counsel for the Respondent on February 8, 2022, the Hearing Panel dismissed the Respondent’s renewed motion and proceeded with the hearing on the merits;
AND WHEREAS after hearing the evidence and the submissions from Staff and counsel for the Respondent, the Hearing Panel found that:
- between 2006 and February 13, 2018, the Respondent engaged in outside activities that were not disclosed to or approved by the Member, including:
- acting as a director of The Shams Group Canada Inc., a corporation that produces software and provides services in the healthcare sector;
- offering financial planning, consulting, estate planning, tax preparation or other services to clients or other individuals for which he charged fees;
- charging fees to clients or other individuals for referrals to third party professionals; and
- owning, maintaining and renting out at least three rental properties;
contrary to the Member’s policies and procedures and MFDA Rules 1.2.1(d) [now Rule 1.3.2], 2.5.1, 2.10 and 1.1.2;
- between 2013 and October 24, 2017, the Respondent provided false and misleading responses to the Member, contrary to MFDA Rule 2.1.1(b) and (c); and
- commencing no later than June 18, 2019, the Respondent failed to cooperate with an investigation of his conduct by Staff of the MFDA, contrary to section 22.1 of MFDA By-law No. 1;
AND WHEREAS on September 20, 2022, the Hearing Panel heard submissions from Staff and counsel for the Respondent concerning the appropriate sanctions to impose on the Respondent.
IT IS HEREBY ORDERED THAT:
- The Respondent is permanently prohibited from conducting securities related business while in the employ of or in association with a Member of the MFDA, pursuant to section 24.1.1(e) of MFDA By-law No. 1.
- The Respondent shall pay a fine in the amount of $50,000 on the date of this Order, pursuant to section 24.1.1(b) of MFDA By-law No. 1.
- The Respondent shall pay costs in the amount of $10,000 on the date of this Order, pursuant to section 24.2 of MFDA By-law No. 1.
John Lorn McDougall, Q.C.John Lorn McDougall, Q.C.Chair
Cheryl HamiltonCheryl HamiltonIndustry Representative
Samuel MahSamuel MahIndustry Representative