August 24, 2020 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Amin Mohammed Ali (“Respondent”). In its Notice of Hearing dated June 4, 2020 (“Notice of Hearing”), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between 2006 and February 13, 2018, the Respondent engaged in outside activities that were not disclosed to or approved by the Member or entered into unauthorized referral arrangements with third parties by:
- acting as an officer and director of a corporation that produces software and provides services in the American healthcare sector and its subsidiary corporation;
- 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;
- 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], 2.4.2, 2.5.1, 2.10 and 1.1.2.
Allegation#2: Between 2006 and February 13, 2018, the Respondent provided false and misleading responses to the Member, contrary to MFDA Rule 2.1.1(b) and (c).
Allegation #3: 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.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on September 8, 2020 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@example.com to obtain particulars.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.