August 22, 2023 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (“CIRO”) has commenced disciplinary proceedings in respect of Omadai (Amy) Sukhai (the “Respondent”). In its Notice of Hearing dated June 15, 2023 (the “Notice of Hearing”), Staff of CIRO alleges that the Respondent engaged in the following violations of the Mutual Fund Dealer Rules:
Allegation #1: Between June 2017 and November 2020, the Respondent borrowed monies from a client, which gave rise to a conflict or potential conflict of interest that the Respondent failed to disclose to the Dealer Member or otherwise ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the Dealer Member’s policies and procedures and Mutual Fund Dealer Rules 2.1.4, 2.1.1, and 1.1.2 (as it relates to Rule 2.5.1) (formerly MFDA Rules 2.1.4, 2.1.1, 1.1.2, and 2.5.1).
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of CIRO’s Ontario District Hearing Committee on August 30, 2023 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.