CIRO bars Toronto rep who never answered its investigators
Desjardins approved that corporation as an outside activity in or around May 2022 after Modi said he was its sole investor, though he did not disclose that it operated as Nor-Star Financial Security.
Enforcement staff also allege he never disclosed a second corporation, 13518329 Canada Inc., in which he described himself to the dealer as one of nine incorporators and a minority shareholder.
One complainant, identified as SR, told Desjardins in July 2024 that he had invested $80,000 and that a second investor, SS, had invested $650,000 through Modi’s corporation in private loans secured by real estate, according to the statement of allegations.
Desjardins advised staff on July 9, 2025 of a third civil claim naming Modi and the corporation.
Case assessment staff wrote to Modi between September and November 2024 seeking documents, information, and a response to the dealer’s investigation report, the statement of allegations says, followed by further written requests between March and August 2025 that also sought an interview.
