Decision in brief: Mughal Asset Management Corporation, Enforcement Proceeding, Request for time to produce documents, November 1, 2023

Citation and CanLII link

Mughal Asset Management Corporation (Re), 2023 ONCMT 38

Arbitres
Andrea Burke (chair of the panel), Geoffrey D. Creighton, William J. Furlong
Date des motifs:
Numéro de dossier:
2022-15
Type d'audience:
Motion
Candidats / Répondants :
Mughal Asset Management Corporation, Lendle Corporation and Usman Asif

In a separate decision the Tribunal decided that Usman Asif and his two companies, Mughal Asset Management Corporation and Lendle Corporation, committed fraud.

During the merits hearing, Asif and his two companies admitted most of what OSC staff says Asif did, with a few exceptions. One of the exceptions was how much money was paid back to Mughal investors. Asif asked for more time to find bank records that could potentially show that more money was repaid than what staff said was repaid.

The Tribunal did not give Asif and his two companies more time to find the bank records. They waited too long to make the request, which was made during the hearing and after OSC staff had finished. It would be unfair to OSC staff. The bank records should have been given to OSC staff before the hearing started. The Tribunal was also not convinced that Asif would find the bank records or that the records would show more money was repaid to investors.

Allez à détails de l’instance
Previous related Decision in brief Next related Decision in brief

Préparées par le personnel du Secrétariat de la gouvernance et du Tribunal, les décisions en bref aident le public à mieux comprendre les décisions du Tribunal. Elles ne font pas partie des motifs invoqués par le Tribunal et ne sont pas utilisées dans les procédures judiciaires.