Decision in brief: Ali, Application for Hearing and Review, December 22, 2023

Amin Mohammed Ali was registered as a dealing representative with the Canadian Investment Regulatory Organization (CIRO), which used to be known as the Mutual Fund Dealers Association. He worked for Quadrus Investment Securities Inc.

CIRO decided that Ali worked outside Quadrus without telling his firm, provided misleading information to Quadrus, and did not cooperate with CIRO’s investigation. CIRO decided that Ali should pay a $50,000 fine and $10,000 of CIRO’s costs. He is also not allowed to register with CIRO, which means he cannot work as a registered dealing representative again.

Ali asks that the Tribunal reverse CIRO’s decisions. He says that he did nothing wrong, the sanctions CIRO ordered were unfair, and CIRO did not treat him fairly by failing to take his health issues into account.

The Tribunal decided that CIRO did not make any errors that would justify CIRO’s decisions being reversed. There was no error in CIRO’s decision that the allegations against Ali had been proven. The sanctions that CIRO ordered against Ali for his conduct were fair. Finally, CIRO treated Ali fairly. Ali knew what the allegations against him were and had an opportunity to respond to those allegations.