Following a lengthy period where Amin Mohammad Ali was the subject of a Mutual Fund Dealers Association of Canada (MFDA, now the Canadian Investment Regulatory Organization) investigation and the recipient of significant sanctions (he was barred permanently from working in the mutual funds industry), the authority issuing licenses in Ontario has also revoked Ali’s insurance license – the third such decision the Financial Services Regulatory Authority of Ontario (FSRA) has made in the case.

In the most recent announcement, Ali is specifically called out for engaging in unfair or deceptive acts or practices, for making false and misleading statements to clients regarding their insurance policies and for not providing clients with complete comparisons of policies.

A life insurance and accident and sickness insurance agent since April 2006 until his license expired in July 2022, Ali is accused of misappropriating more than $20,000. He reportedly counseled clients not to disclose their medical conditions, transferred clients in between products and even companies without their knowledge or consent to obtain deferred sales charge (DSC) commissions and insurance policy commissions. 

FSRA says the conduct “demonstrates that the Alis traded on the trust they had built up with their clients for their own economic benefit, and to the detriment of their clients. The Alis have demonstrated untrustworthiness to transact insurance agency business,” the regulator’s notice of proposal states.

Saadia Ali, Amin’s wife, and their firm, Anusha Financial Group Inc. have also had their licenses revoked and not renewed, respectively. That announcement was made by FSRA back in April 2023.

Related: