Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Ramanbhai Patel

TORONTO, Feb. 2, 2024 /CNW/ - Following a settlement hearing held on August 3, 2023, in Toronto, Ontario, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules accepted the settlement agreement dated July 26, 2023 between CIRO's Enforcement Staff and Ramanbhai Patel.

The hearing panel's reasons for decision, dated January 10, 2024 are available at:

Re Patel, Ramanbhai 2024 CIRO 06

In its reasons for decision, the Hearing Panel confirmed the sanctions imposed on Ramanbhai Patel:

• a fine in the amount of $25,000;
• costs in the amount of $2,500;
• a suspension 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 the settlement agreement is accepted;
• a prohibition 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; and
• successful completion of the branch manager's course offered by the Investment Funds Institute of Canada or the Investment Dealer Supervisors Course offered by the Canadian Securities Institute prior to acting as a branch manager or in any supervisory capacity in the future.

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

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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)