An Ontario Securities Commission (OSC) hearing panel has denied registration to former mutual fund representative Sital Singh Dhillon

The panel issued its decision Wednesday following a hearing to review an earlier decision by the director of the OSC to deny Dhillon’s registration.

Dhillon applied for registration in 2016, which was denied by the OSC director in 2017, following a hearing. Dhillon appealed that ruling, and the OSC held a new hearing in February.

The OSC hearing panel upheld the director’s original decision, denying the former rep’s registration once again. “Dhillon is unsuitable for registration based on his lack of proficiency and integrity,” the panel states in its decision.

Dhillon argued before the hearing panel that he met the proficiency and integrity requirements for registration.

“In relation to the integrity requirement, he challenges the credibility and reliability of the information received from various firms where he was employed, asserting, among other things, that several firms have made false allegations against him out of self-interest, including false allegations against him of dishonesty and serious non-compliance with regulatory requirements,” the panel states in its decision.

The panel concluded that the allegations against him from previous firms — PFSL Investments Canada Ltd., W.H. Stuart Mutuals Ltd. and Queensbury Strategies — Inc. were true.

“The core allegations bear obvious similarities even though they emanate from multiple independent sources. It defies coincidence to suggest that all of the allegations are false and ill-motivated,” the decision states.

“Based on the evidence, it is obvious that Mr. Dhillon repeatedly used pre-signed forms, recommended unsuitable leverage strategies to clients and engaged in off-book trading activities. It is also obvious that he mistreated compliance staff at multiple firms, and failed to comply with their directions. His comments show little respect for the compliance function in the industry and demonstrate that he has a disregard for the importance of the regulations which applied to his position,” the decision continues.

“We are satisfied on a balance of probabilities that Mr. Dhillon is not suitable for registration based both on a lack of the requisite proficiency and lack of integrity,” the panel concludes.