CIRO Hearing Panel accepts settlement agreement with Ramanbhai Patel

August 21, 2023 (Toronto, Ontario) – A settlement hearing in the matter of Ramanbhai Patel (the “Respondent”) was held electronically by videoconference today in Toronto, Ontario before a three-member Hearing Panel of the Ontario District Hearing Committee of the Canadian Investment Regulatory Organization (“CIRO”).

The Hearing Panel accepted the settlement agreement dated July 26, 2023 (the “Settlement Agreement”), between Staff of CIRO and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:

• a fine in the amount of $25,000 (“Fine”);
• costs in the amount of $2,500 (“Costs”);
  • $11,666.67 ($9,166.67 fine and $2,500 costs) upon acceptance of the Settlement Agreement by the Hearing Panel;
  • $9,166.66 (fine) on or before September 15, 2023; and
  • $6,666.67 (fine) on or before October 27, 2023;
• The Respondent shall be suspended for a period of 30 days from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO registered as a mutual fund dealer, commencing on the date that this settlement agreement is accepted by a Hearing Panel, pursuant to Mutual Fund Dealer Rule 7.4.1.1(c);
• The Respondent shall be prohibited from acting as a branch manager or in any supervisory capacity for a period of two years commencing upon the date the Settlement Agreement is accepted by the Hearing Panel pursuant to Mutual Fund Dealer Rule 7.4.1.1(f);

In the Settlement Agreement, the Respondent admitted that between May 26, 2016 and June 1, 2021, he obtained, possessed and used to process transactions, 80 pre-signed account forms in respect of 29 clients, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1)

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Woodbridge, Ontario area.

The Canadian Investment Regulatory Organization (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. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

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