CIRO Sanctions Adib Khaldi (also known as “Deebo”)

Halifax (Nova Scotia), February 27, 2024 - Following a sanctions hearing held on February 15, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules imposed the following sanctions on Adib Khaldi:

1. a fine of $15,000;
2. a two-year prohibition on his authority to conduct securities related business while in the employ of or associated with any Dealer Member of CIRO that is registered as a mutual fund dealer; and
3. write or rewrite the Conduct and Practices Handbook course prior to being re-registered.

Adib Khaldi is also required to pay costs in the amount of $10,000.

In an earlier decision dated January 15, 2024, the Hearing Panel found that Adib Khaldi:

1. engaged in securities related business outside the Member by providing investment advice to individuals in respect of non-mutual fund securities through the use of an online forum;
2. engaged in an unapproved outside activity by receiving monthly subscription payments in relation to an online forum where he provided investment advice to individuals; and
3. processed transactions in respect to approximately 23 clients as redemptions and purchases, rather than as switches thereby:
   1. failing to comply with the Member's policies and procedures with respect to the processing of trades as switches; and
   2. engaging in conduct which gave rise to a conflict of interest which Adib Khaldi failed to disclose to the Member, or failed to ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client.

The decision on Liability can be found at:

Re Khaldi, 2024 CIRO 10

During the period described in the Notice of Hearing, Adib Khaldi conducted business in the Dartmouth, Nova Scotia area.