Maurice Aziz, who was previously found guilty of fraudulent conduct, has failed to get his insurance agent licence renewed by the Financial Services Regulatory Authority of Ontario (FSRA).
In a release, FSRA said: “Aziz is not suitable to hold a licence because he has contravened Ontario Regulation 347/04 by providing material misstatements or omissions in his applications for an insurance agent licence and because he has demonstrated he is not of good character and reputation and is otherwise not suitable to receive a licence.”
Prior to the non-renewal, Aziz had been licensed continuously as a life and accident & sickness insurance agent since 1994.
Lifting the lid on its decision, the regulator noted: “On May 31, 2019, the Ontario Securities Commission issued a statement of allegations which alleged that Aziz and Global Bioenergy Resources Inc., a private Ontario company for which Aziz was an officer and director, engaged in unregistered trading and illegal distribution under the Securities Act, between May and December 2015. GBR Ontario was never a registrant under Ontario securities law.
“On September 15, 2022, following a hearing, the Capital Markets Tribunal determined that Aziz was guilty of fraudulent conduct when he breached the Securities Act. On June 22, 2023, the Capital Markets Tribunal issued an order against Aziz, GBR Ontario, and others, imposing a permanent ban on trading, large administrative penalties, costs, and large disgorgement orders.
“Aziz made material misstatements and omissions on an application for a licence submitted to FSRA dated August 9, 2023.”
According to FSRA, Aziz submitted his 2023 renewal application approximately nine months after being found liable for regulatory misconduct, two months after being sanctioned, and one month after the order was issued in the Superior Court.
The regulator revealed: “In response to the question on the application of whether or not the applicant had been the subject of discipline, the applicant simply answered ‘OSC’. Further, Aziz did not disclose that he had unsatisfied judgments.
“Aziz swore to have truthfully answered all the questions, and certified he understood that providing false, misleading, or incomplete information may be sufficient grounds to reject the application or revoke a licence.”
FSRA said there were reasonable grounds for the belief that Aziz is not suitable to be licensed because he was found to have engaged in fraud and other misconduct and made material misstatements and omissions on applications.
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