Permanent Cease and Desist Order Against Sherif Aly

REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular section 441;

 

AND REGARDING Sherif Aly

 

PERMANENT CEASE AND DESIST ORDER

 

TO:
Sherif Aly

 

On March 5, 2019, the Superintendent of Financial Services (“Superintendent”) issued an Interim Cease and Desist Order and a Notice of Proposal to Make a Permanent Cease and Desist Order against Sherif Aly (“Mr. Aly”).

 

Mr. Aly is not a licensed individual under the Act who has solicited members of the public to purchase automobile insurance through him. This auto insurance is fake.

 

The Interim Order and the Notice of Proposal were delivered to Mr. Aly by regular and registered mail.

 

Canada Post records confirm that the Interim Order and Notice of Proposal were delivered to Mr. Aly on March 7, 2019.

 

Pursuant to subsection 441(3) of the Act, Mr. Aly had fifteen (15) days to request a hearing before the Financial Services Tribunal.

 

On April 18, 2019, the Assistant Registrar of the Financial Services Tribunal confirmed that no request for hearing was filed by Mr. Aly or anyone acting on his behalf.

 

Pursuant to subsection 441(7) of the Act, if the individual does not request a hearing within the time period allowed, the Superintendent may make an order in accordance with the Notice of Proposal.

 

ORDER

  1. Sherif Aly is ordered to immediately cease and refrain from conducting insurance business in the Province of Ontario, including the advertising, soliciting, offering, sale and adjusting of auto insurance or purported auto insurance;
  2. Sherif Aly is ordered to immediately cease and refrain from selling fraudulent auto insurance.

TAKE NOTICE THAT pursuant to subsections 447(2)(b) and (3) of the Act, every person who fails to comply with an order made under this Act is guilty of an offence and every person convicted of an offence under the Act is liable to a fine of not more than $250,000.00 on a first conviction and to a fine of not more than $500,000.00 on each subsequent conviction.

 

AND TAKE NOTICE THAT pursuant to subsection 447(4) of the Act, every director or officer of a corporation who caused, authorized, permitted or participated in the corporation or unincorporated association committing an offence, or who failed to take reasonable care to prevent the corporation or unincorporated association from committing an offence, is guilty of an offence, whether or not the corporation is prosecuted or convicted, and liable to a fine of not more than $100,000.00 on a first conviction and a fine of not more than $200,000.00 on each subsequent conviction.

 

Si vous désirez recevoir cet ordre en français, veuillez envoyer votre demande immédiatement à: Adjointe, audiences, Greffe, Commission des services financiers de l’Ontario, 5160 rue Yonge, 14em, Toronto ON M2N 6L9.

 

ISSUED at Toronto, Ontario, this 13th day of May, 2019.

 

Original signed by

 

___________________________________________
Brian Mills
Superintendent of Financial Services