TORONTO, Aug. 27, 2026 /CNW/ -- Following a disciplinary hearing held on August 21, 2026, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Neilay Modi (the Respondent) failed to cooperate with an investigation into his conduct by CIRO Staff.

The hearing panel imposed the following sanctions on the Respondent:

(a) a permanent prohibition on the Respondent's authority to conduct securities related business while in the employ of or affiliated with any Dealer Member of CIRO; and

(b) a fine of $50,000.

The Respondent is also required to pay costs in the amount of $20,000.

The hearing panel's reasons for decision will be made available on the CIRO website at www.ciro.ca.

The violation occurred while the Respondent was registered as a dealing representative with Desjardins Financial Security Investments Inc. in the Toronto, Ontario area. He 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.

SOURCE Canadian Investment Regulatory Organization (CIRO)