TORONTO, Aug. 11, 2026 /CNW/ — Following a settlement hearing held on May 4, 2026 pursuant to the Mutual Fund Dealer Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) issued its reasons for decision on July 9, 2026.
The hearing panel’s reasons for decision are available at:
In their reasons for decision, the hearing panel found that Sholeh Sharifian processed redemptions at the request of a client, a senior, after receiving information that the client was a victim of fraud, without making adequate inquiries as to the client’s circumstances or reporting the information to the Dealer Member.
The hearing panel also confirmed the sanctions set out in the settlement agreement, including a fine of $7,500 and costs of $5,000 imposed on Sholeh Sharifian.
The violations occurred while Sholeh Sharifian was registered in St. John, New Brunswick, Nepean, Ontario and Calgary, Alberta, as a Mutual Fund Dealer with Sun Life Financial Investment Services (Canada) Inc. Sholeh Sharifian is not currently registered in the securities industry in any capacity.
The Canadian Investment Regulatory Organization (CIRO) is the pan-Canadian self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO’s website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
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