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by Mike Caswell

The Canadian Investment Regulatory Organization has permanently banned former Desjardins Financial Security Investments Inc. employee Neilay Modi over undisclosed outside business dealings. Those dealings, as set out by CIRO, included his solicitation of $1.4-million for real estate, with investors later suing him after he failed to repay the money. Desjardins only learned of the dealings when one of the investors complained, CIRO says.

The ban for Mr. Modi, a resident of Markham, Ont., is contained in a decision that CIRO released on Aug. 27, 2026. The regulator has permanently barred him from working in the industry or, in legal speak, from conducting "securities related business while in the employ of or affiliated with any Dealer Member of CIRO." He must also pay a $50,000 fine, plus $20,000 in CIRO's costs.

The events at issue, as set out by CIRO, stem from $1.4-million that Mr. Modi solicited from six investors between January, 2017, and March, 2022. CIRO does not say exactly what the money was for, beyond mentioning real estate, but the regulator does make it clear that investors were far from satisfied with the outcome of the arrangement. They later sued Mr. Modi in Ontario, claiming that he failed to repay the principal and interest.

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