MFDA Hearing Panel make findings of misconduct against Amin Ali

TORONTO, Feb. 15, 2022 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Amin Mohammed Ali (the "Respondent") by Notice of Hearing dated June 4, 2020 ("Notice of Hearing").

The hearing of this matter on its merits was held electronically by videoconference on February 8, 2022 and February 10-11, 2022, before a three-member Hearing Panel of the MFDA's Central Regional Council. After receiving evidence and hearing submissions from the parties with respect to misconduct, the Hearing Panel found that the three allegations set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct:

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:

a)	acting as an officer and director of a corporation that produces software and provides services in the American healthcare sector and its subsidiary corporation;
b)	offering financial planning, consulting, estate planning, tax preparation or other services to clients or other individuals for which he charged fees;
c)	charging fees to clients or other individuals for referrals to third party professionals;
d)	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)[1] [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 Hearing Panel advised that it will issue written reasons for its decision as to misconduct in due course. Submissions with respect to sanctions will take place by electronic hearing on May 9, 2022 at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard, and 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 Burlington, Ontario.

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 80,000 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.

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¹Effective December 3, 2010, former MFDA Rule 1.2.1(d) was renumbered as MFDA Rule 1.2.1(c). Effective March 17, 2016, former MFDA Rule 1.2.1(c) was amended and renumbered as MFDA Rule 1.3.

SOURCE Mutual Fund Dealers Association of Canada

Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]