CIRO Sanctions Omadai (Amy) Sukhai

TORONTO, Jan. 25, 2024 /CNW/ - Following a disciplinary hearing held on January 16, 2024, in Toronto, Ontario, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Omadai (Amy) Sukhai (the Respondent) contravened the Dealer Member's policies and procedures and Mutual Fund Dealer Rules 2.1.4, 2.1.1, and 1.1.2 (as it relates to Rule 2.5.1).

Specifically, the hearing panel found that the Respondent borrowed monies from a client, which gave rise to a conflict or potential conflict of interest that the Respondent failed to disclose to the Dealer Member or otherwise ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client.

The hearing panel imposed the following sanctions on Omadai Sukhai:

a)  a permanent prohibition on the Respondent's authority to conduct securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO; and

b)  a fine of $213,509.

The Respondent is also required to pay costs in the amount of $10,000.

The reasons for decision of the hearing panel will be made available at www.ciro.ca.  

The Notice of Hearing and Statement of Allegations, which set out the allegations, are available at:

Sukhai, Omadai ? Notice of Hearing and Statement of Allegations

During the period described in the Notice of Hearing, the Respondent conducted business in the Toronto, Ontario area.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings, which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

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.

SOURCE Canadian Investment Regulatory Organization (CIRO)