Vancouver: Thé Canadian Investment Regulatory Organization (CIRO) said it has found a B.C. investment advisor guilty of defrauding a couple.
In a statement, CIRO said, “Following a hearing held on July 11, 12, September 21, 22, 29 and November 3, a penal of CIRO under the Mutual Fund Dealer Rule found that Alvinder Singh Gill misappropriated or failed to account for monies that he received from individuals; made false or misleading statements and provided fictitious account documents to individuals which misrepresented that he had invested the individuals’ monies; engaged in unapproved outside activities; and failed to cooperate with an investigation by MFDA Staff into his conduct.”
Alvinder Gill has been prohibited for conducting business in the industry and fined $310,000.
He will also need to pay costs in the amount of $30,000.
CIRO said at all material times, Alvinder Gill conducted business in the Abbotsford, British Columbia area.
The 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.