VANCOUVER, BC, April 18, 2024 /CNW/ - Following a hearing held on July 11, 12, September 21, 22, 29 and November 3, 2023, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Alvinder Singh Gill:
a) misappropriated or failed to account for monies that he received from individuals;
b) made false or misleading statements and provided fictitious account documents to individuals which misrepresented that he had invested the individuals' monies;
c) engaged in unapproved outside activities; and
d) failed to cooperate with an investigation by MFDA Staff into his conduct.
The hearing panel imposed the following sanctions on Alvinder Gill:
a) a permanent prohibition; and
b) a total fine of $310,000.
Alvinder Gill is also required to pay costs in the amount of $30,000.
The hearing panel's decision dated April 4, 2024 can be found at:
At all material times, Alvinder Gill conducted business in the Abbotsford, British Columbia area.
All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
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.
SOURCE Canadian Investment Regulatory Organization (CIRO)
Joanna Nicholson, Manager, Corporate Communications and Public Affairs, [email protected]
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