The Mutual Fund Dealers Association of Canada (MFDA) has permanently banned Everest Nicholas Louis D’Souza from conducting securities related business in any capacity with any MFDA member firm after the former dealing representative admitted he sold syndicated mortgage investments to clients without his firm’s knowledge or approval.
Specifically, the Markham, Ontario-area former representative introduced investors – both clients and other individuals – to the opportunity to invest in syndicated mortgage investments being provided by Tier 1 Transaction Advisory Services Inc. He recommended investors purchase the investments and recommended they redeem mutual funds to purchase the investments. He also provided promotional materials, blank subscription agreements, discussed terms and features and attended meetings between clients and Tier 1.
All told, D’Souza earned $17,974 in commissions for the activity which occurred between July 2014 and September 2015. Investors connected to D’Souza purchased $230,800 in the syndicated mortgage investments, losing approximately $169,000. Tier 1 was permanently ordered to cease and desist from dealing in the investments in January 2018.
Formerly a dealing representative with Keybase Financial Group Inc., D’Souza was terminated December 2019 and is not currently registered in the securities industry in any capacity. In addition to a permanent ban from conducting securities related business, D’Souza was also fined $30,000 and ordered to pay costs in the amount of $2,500.
