A former Abbotsford financial adviser is accused of defrauding a retired couple of almost $330,000 over a nine-year period.
Alvinder Gill, who was formerly employed at Sun Life Financial Investments in Abbotsford, is now the subject of two disciplinary hearings – one through the Mutual Fund Dealers Association (MFDA) of Canada and the other through the Insurance Council of BC.
He does not have any criminal charges on record at this time.
Documents from the MFDA indicate that Gill worked for Sun Life from 2001 to 2008 and again from 2016 to 2020.
In January 2009, he registered a sole proprietorship, Greynote Group Financial Services.
Gill met the retired couple in 2010, and they requested that he manage their investments.
The MFDA states that Gill informed the pair that he managed the accounts of other people who held an investment he described as a commercial real estate “trust fund investment” through Canada Life.
According to the MFDA, Gill told the couple that the other people wanted to sell the investment, which had a remaining term of three to five years.
The couple took his recommendation to purchase the investment, which Gill said would entitle them to receive previously accrued interest of 5.5 per cent and a rate of up to seven per cent annually in the future.
“The purported investment was a fictitious product and was not known to or approved by Canada Life,” the MFDA documents state.
The couple provided 18 payments totalling $329,625 to Gill from March 2010 to September 2019. The largest was for $45,000, but several others ranged from $10,000 to $30,000.
The MFDA said Gill periodically provided the couple with account statements that appeared to be legitimate.
“The account statements were fictitious, contained information that was false or misleading and misrepresented to (the couple) that the respondent had invested their monies in the purported investment with Canada Life,” the documents state.
The pair refused to provide additional funds to Gill in 2019 and requested that he liquidate the investment and return their money.
They did not receive any money, and in August 2020 complained to Canada Life. It was then that they were informed that they did not hold investments with the company and the account statements were fake.
The MFDA launched an investigation, and announced in November 2022 that Gill would face a disciplinary hearing. The organization says he failed to comply with their investigation.
The hearing began July 11 and continued on July 13 before being adjourned.
A statement from the organization indicates that “as a result of the current medical condition of the respondent, subject to any further order of a hearing panel,” Gill is suspended from conducting securities-related business as a mutual fund dealer.
Gill’s hearing with the Insurance Council of B.C. is scheduled for Oct. 18 and 19.
A consent order from June 2021 indicates that all parties came to an agreement that $450,000 would be paid to the retired couple.