FSRA issues Notice of Proposal against Jay Sanjay Patel, Nirali Chandrakant Patel and Pratik Gohel

TORONTO, Aug. 15, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Jay Sanjay Patel, Nirali Chandrakant Patel and Pratik Gohel.

FSRA alleges that Jay Sanjay Patel contravened the following sections of the Insurance Act and its regulations:

• section 395 by making fraudulent representations for procuring payment of premiums on insurance policies;
• section 439 by engaging in Unfair or Deceptive Acts or Practice by paying or offering to pay initial life insurance premiums;
• subsection 17(a) of Ontario Regulation 347/04 by using coercion and undue influence in order to secure insurance business;
• subsection 17(c) of Ontario Regulation 347/04 by making false and misleading; statements and representations in the solicitation or registration of insurance; and
• clause 447(2)(a) by furnishing false information to FSRA.

FSRA alleges that Nirali Chandrakant Patel contravened the following sections of the Insurance Act and its regulations:

• section 395 by making fraudulent representations for procuring payment premiums on insurance policy;
• subsection 17(a) of Ontario Regulation 347/04 by using coercion and undue influence in order to secure insurance business;
• subsection 17(c) of Ontario Regulation 347/04 by making false and misleading statements and representations in the solicitation or registration of insurance; and
• clause 447(2)(a) by furnishing false information to FSRA.

FSRA alleges that Pratik Gohel contravened subsection 17(c) of Ontario Regulation 347/04 by making false and misleading statements and representations in the solicitation or registration of insurance and contravened clause 447(2)(a) of the Insurance Act by furnishing false information to FSRA.

FSRA is proposing to impose administrative penalties in the total amount of $110,000 on Jay Sanjay Patel, $80,000 on Nirali Chandrakant Patel, and $30,000 on Pratik Gohel.

Jay Sanjay Patel, Nirali Chandrakant Patel and Pratik Gohel may request a hearing before the Financial Services Tribunal about this proposal.

Learn more:

FSRA is working to protect consumers through its monitoring and enforcement activities.

FSRA continues to work on behalf of stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca. 

FOR MEDIA INQUIRIES:

Alex Kvaskov, Communications Officer
Financial Services Regulatory Authority
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario