July 22, 2023 – 6:00 PM
A BC monetary advisor accused of fraud for taking $330,000 from a senior couple remains to be not dealing with legal expenses two and a half years after the regulator reported him to the police.
Former Abbotsford Solar Life monetary planner Alvinder Singh Gill stands accused of organising an organization after which utilizing faux paperwork as he took $329,625 from a retired couple over a nine-year interval.
In 2020, when the couple requested to money out their funding, Gill informed them he’d misplaced most of it and the couple reported him to Solar Life.
The Insurance coverage Council of BC then cancelled his insurance coverage agent licence and in keeping with a public discover from October 2020, reported the matter to regulation enforcement.
Gill resigned from Solar Life on Oct. 20, 2020, the day his insurance coverage licence was canned.
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Each the Insurance coverage Council of BC and the Mutual Fund Sellers Affiliation of Canada are taking regulator motion towards Gill and each have hearings scheduled this fall.
Nonetheless, whereas the Insurance coverage Council says his conduct is “within the nature of theft and fraud” he hasn’t been charged criminally.
Abbotsford Police did not reply to iNFOnews.ca when requested concerning the case.
The Mutual Fund Sellers Affiliation of Canada has an in depth rationalization of his actions. The Discover says in 2009 Gill arrange Greynote Group Monetary Providers with him as the only proprietor and with out telling his employer Solar Life.
The next yr he met the retired senior couple by way of a mutual pal and so they requested him to handle their investments.
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He then informed them he had a industrial actual property “belief fund funding” by way of Canada Life with no danger and a seven per cent annual return.
Over the subsequent 9 years, Gill took virtually $330,000 from the couple for the “fictitious” funding.
The Discover of Listening to exhibits the couple made 18 funds to Gill starting from $30,000 to $2,500 over the 9 years.
In flip, he offered the couple with fictitious account statements about their funding.
The Listening to Discover says that in 2019, Gill informed the couple that in an effort to proceed with the funding, they wanted to place in extra money.
The couple refused and requested that Gill liquidate the funding and return their money.
Gill then informed them he’d invested their cash in “a couple of riskier investments” and had misplaced 75% of it.
The couple threatened authorized motion and Gill stated he’d get their cash in 30 days.
When he did not, they reported him to Solar Life solely to be informed the funding wasn’t actual and the account statements have been fakes.
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The regulator says Gill was registered with Solar Life Monetary Funding Providers from 2001 to 2008 and once more from 2016 to 2020.
Together with the accusation Gill “misappropriated” the couple’s cash, the regulator additionally accuses him of offering fictitious account paperwork, working exterior of his licence, and never cooperating with Mutual Fund Sellers’ employees through the investigation.
The regulator says Gill has refused handy over paperwork, and whereas he attended three interviews, he then “failed or refused” to reply questions.
“Employees has not been capable of decide the total nature and extent of (Gill’s) conduct… together with the total extent of his dealings with (the couple) and whether or not he engaged in related misconduct with different shoppers or people,” the discover says.
Gill is scheduled for a listening to in November and the Mutual Fund Sellers Affiliation says he might face a nice equal to 3 occasions the revenue he obtained.
Nonetheless, whether or not Gill will likely be charged with fraud stays to be seen.
Not one of the allegations have been confirmed in courtroom.
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