September 28, 2023 (Toronto, Ontario) – The Mutual Fund Dealers Association, now the Canadian Investment Regulatory Organization (“CIRO”) commenced disciplinary proceedings in respect of Alvinder Singh Gill (the “Respondent”) by Notice of Hearing dated November 11, 2022 (the “Notice of Hearing”).
As previously announced, the misconduct portion of this proceeding was held on September 21 and 22, 2023 before a three-member Hearing Panel of the CIRO’s Pacific District Hearing Committee (Misconduct). The Hearing Panel found that the allegations set out in the Notice of Hearing against the Respondent had been established.
- Between March 9, 2016 and October 20, 2020, the Respondent misappropriated or failed to account for monies that he received from individuals, contrary to MFDA Rule 2.1.1.
- Between March 9, 2016 and August 26, 2020, the Respondent made false or misleading statements and provided fictitious account documents to individuals which misrepresented that he had invested the individuals’ monies, contrary to MFDA Rule 2.1.1.
- Between March 9, 2016 and October 20, 2020, the Respondent engaged in unapproved outside activities, contrary to the Member’s policies and procedures, and MFDA Rules 1.3.2 (formerly 1.2.1(c)), 2.1.1 and 1.1.2 (as it relates to MFDA Rule 2.5.1).
- Commencing in approximately November 2020, the Respondent failed to cooperate with an investigation by MFDA Staff into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
A penalty hearing will take place electronically by videoconference before a Hearing Panel of the Pacific Hearing Committee on September 29, 2023 at 11:00 a.m. (Pacific Time). The proceeding will continue to be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to participate should contact [email protected] to obtain particulars.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Abbotsford, British Columbia area.
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.