CIRO bans dealer rep, fines $300K for multiple violations

Former Sun Life representative engaged in unauthorized outside activity

CIRO bans dealer rep, fines $300K for multiple violations

A former dealer representative with Sun Life Financial Services in British Columbia has been permanently banned and fined $300,000 for violating Mutual Fund Dealer Rules.

CIRO’s hearing panel 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
  • failed to cooperate with an investigation by MFDA Staff into his conduct.

Gill has been with Sun Life for two separate periods dating back to 2001 and in 2008 became licensed to sell insurance for Canada Life but he did not seek approval for this or inform Sun Life of his outside business activity contrary to the firm’s policies and procedures. He left Sun Life six months later.

In 2009, Gill registered sole proprietorship Greynote Group Financial Services and in 2010, while no longer registered in the securities industry, he sold a retired couple a ‘no risk’ purported investment, which did not exist.

Their investment was more than $329,000 but when they asked for their investment to be liquidated and their money repaid, they discovered the truth after complaining to Canada Life who confirmed that the investment was fictitious.

Meanwhile, Gill commenced a second period working with Sun Life in 2016, as a registered dealing representative. But he did not disclose his ownership of Greynote or that he was selling insurance for Canada Life.

An MFDA investigation was commenced in 2020 but Gill failed to cooperate. A disciplinary hearing concerning the allegations commenced on July 11, 2023.

As well as the permanent prohibition for the securities industry and the $300,000 fine, Gill was also ordered to pay $30,000 in costs at the CIRO panel hearing.