CEO Ali Ghani clearly understands the development business. A family operation, he and his father, Dr. Abdul Ghani, began their first commercial development project with Prism over 11 years ago. He is eager to explain the difference in the Prism syndication model and the benefits it provides to investors—which incidentally, total more than 1, at last count. As with other syndication models, the combined equity of both investors and the company itself is used for large scale development projects then sold for a profit.
However unlike other developers who are involved with rental projects or reconstructions of older facilities into newer ones—for example an older building converted into condominiums—Prism is strictly involved in ground up developments. The method avoids the perils that can sometimes come from rental projects and allows for an endeavour to come to an actual completion. Though it is admittedly a niche market, Prism has proven that it knows the process well. Building and developing from scratch is the very thing Prism has been doing, long before the inception of the private investments side of the business.
The second major difference comes from where Prism takes its profits, which is upon project completion. Prism projects are brought to the market at cost, enabling minimum investment thresholds for investors, which for many is another benefit. Capitalizing on the Calgary market. Calgary is without a doubt a red-hot property market, which is precisely why Prism has stuck with the market it knows well. There are investors from across Canada, but the dominant location of those involved is in the West, an understandable pattern.
As there are different regulatory requirements for investments in every province, an Alberta-based company is likely to attract those familiar with applicable rules. This is their backyard, so it is easier to get investors involved in projects that are closer to home.
Even a booming economy like Calgary was not immune to the recent economic decline. How did Prism weather the storm? Due to its intuitive business model, it managed to remain relatively unscathed. Prism was able to make it work primarily because of those particularly unique points of its syndication business model. Ghani clearly understands the complexity of the commercial real estate sector and takes a sensibly unflustered approach to survival.
Servicing our debts, servicing our interest payments, consolidating higher rate debts for lesser rates—just riding the wave. Page 6 of The Respondent indicated to BK1 and DK that they could earn a better rate of return on the preferred shares of Prism Place than they were presently earning on some of their mutual fund holdings. During the follow up meeting, the Respondent presented the details of the investment and provided client BK1 with a copy of the OM and the Subscription Agreement.
The Respondent represented to client BK1 that the investment was low risk in nature. The Respondent further represented that the investment would yield a guaranteed return of capital plus 20 percent per year in interest upon the completion of the project. At the conclusion of the meeting, the Respondent informed client BK1 that she would only be able to communicate with Ghani about the investment from that point on, and that the Respondent, would not have any further involvement.
Prism Place was originally expected to be completed in the spring of The Respondent did not respond to client BK1. To date, client BK1 has not received any payments from her investment in Prism Place. Complainant 2 — Client BK2. The Respondent described Heritage Plaza as a retail development project in Cochrane, Alberta, that was actively seeking investors. The Respondent further advised client BK2 that the rate of return on the Heritage Plaza investment would be 20 percent.
Client BK2 asked the Respondent his opinion of Heritage Plaza as an investment opportunity, and the Respondent recommended that client BK2 invest in the project, as he believed it to be a good opportunity. The Respondent was not present for this meeting. Client BK2 has not received any payments from his investment in Heritage Plaza.
Allegation 1 — Securities Related Business. The Prism preferred shares were not an investment that was approved by Assante for sale by its Approved Persons, including the Respondent. In addition, the transactions involving Prism preferred shares were not processed for the account or through the facilities of Assante.
To the extent that the Respondent entered into a referral arrangement with Prism and made referrals in respect of investments offered by Prism, then the referral arrangement did not comply with sections Allegation 2 — Outside Business Activity. Allegation 3 — Failure to Cooperate. On April 13, , Staff sent the Respondent a letter by registered and regular mail requesting his attendance at an interview for the purpose of providing a statement as to his knowledge of the matters under investigation.
His response was requested within ten business days of the date of the letter. On April 16, , the letter sent by registered mail was returned to Staff as having been refused by the Respondent. The letter sent by regular mail was not returned to Staff. On May 4, , Staff sent the Respondent a follow up letter by registered and regular mail. The Respondent was reminded that he was required to respond to Staff, in accordance with his obligations as an Approved Person, as set out in section Staff again requested his attendance at an interview for the purpose of providing a statement as to his knowledge of the matters under investigation and requested his response by May 19, On May 5, , Staff received a letter from the Respondent dated April 30, The Respondent further stated that he had declined to sell any Prism investments to clients and that his involvement with Prism was limited to introducing his clients to persons associated with Prism.
On May 25, , the letter sent by registered mail was returned to Staff as having been unclaimed by the Respondent. On May 27, , Staff sent the Respondent a letter by registered and regular mail requiring his attendance at an interview on a date between July 13 and 17, , and that if he did not respond, then an interview date of July 14, would be set by Staff.
Staff reminded the Respondent that he had been twice asked to attend an interview since April 13, and had failed to respond. Staff requested a response to its letter by June 10, Staff also informed the Respondent that, if he failed to attend the interview, Staff might seek authorization to commence enforcement proceedings against him, including an allegation that he failed to cooperate with an MFDA investigation, contrary to section No response was received from the Respondent.
On June 30, , Staff attempted to contact the Respondent at the telephone number recorded on the National Registration Database. The telephone number is no longer in service. The Respondent has failed to provide the information and documents requested by Staff, and has failed to contact Staff to arrange an interview. Page 10 of By failing to submit information requested by Staff and by failing to attend an interview to give information regarding matters under investigation as described above, the Respondent failed to cooperate with an investigation conducted by Staff, contrary to section
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Please enter your username or email address. You will receive a link to create a new password via email. This fabulous project is named Al- Ghani Garden Phase 3. The project is offering the best residential and commercial plots in it and both are available on the full cash payment method and easy installment plans.
Located at the ideal location, the project is offering all the modern facilities and unique features of standard living in it. Al- Ghani Garden Phase 3 is an outstanding venture of Al- Ghani Developers that is offering many commercial shops to provide all the basic facilities to its residents.
Al Ghani Garden Phase 3 is located at the prime location of Lahore. It is positioned in front of the Orange Line Metro Train. Al Ghani Garden Phase 3 offers the best residential plots of different categories at the easy installment plan of 3 years. All the residential plots are fully developed, and at the same time, available with possession. So just book your plot with a down payment and start the construction of your dream residence at the ideal location of the city.
All the plots are available on full cash payment and on easy installment plans. The rest of the amount is divided into 36 monthly installments. Al Ghani Garden Phase 3 is beautiful housing project that offers all the luxurious facilities and features in it. Some of the top features are:. Stay informed with hottest property trends and investment opportunities from all over Pakistan. Login Register. Remember me. The Respondent represented to client BK1 that the investment was low risk in nature. The Respondent further represented that the investment would yield a guaranteed return of capital plus 20 percent per year in interest upon the completion of the project.
At the conclusion of the meeting, the Respondent informed client BK1 that she would only be able to communicate with Ghani about the investment from that point on, and that the Respondent, would not have any further involvement. Prism Place was originally expected to be completed in the spring of The Respondent did not respond to client BK1.
To date, client BK1 has not received any payments from her investment in Prism Place. The Respondent described Heritage Plaza as a retail development project in Cochrane, Alberta, that was actively seeking investors. The Respondent further advised client BK2 that the rate of return on the Heritage Plaza investment would be 20 percent.
Client BK2 asked the Respondent his opinion of Heritage Plaza as an investment opportunity, and the Respondent recommended that client BK2 invest in the project, as he believed it to be a good opportunity. The Respondent was not present for this meeting. Client BK2 has not received any payment from his investment in Heritage Plaza.
There was the following question and answer in the interview of BK2 transcript pp. Phillips was receiving a commission or any type of fee for your investment in Prism? All he said was that there was a few thousand dollars — what did I say in my statement here — outstanding between the two.
I specifically asked Phillips if he had invested in this company, he would not answer yes or no, other than to say that there were, quote, a few thousand dollars outstanding between him and Prism and Ghani. The investigation was initiated because of a complaint by a client, BK2 supra, para. The Respondent advised Assante that the only involvement he had with the clients and Prism was to refer the clients to Prism.
In its investigation Assante concluded there was no evidence that there was a referral arrangement between the Respondent and Prism and no evidence that the Respondent received any referral fees or compensation. The Respondent advised Assante that he had no recollection of the document and stated that he was not interested in being an agent of Prism. The Assante investigator s concluded that the Respondent had breached certain MFDA rules, had engaged in security related activity without disclosing it to Assante and had violated the standard of conduct.
Panel Note: Discussed in Decision, infra. With respect to Referral Agreements as defined by s. No Member or Approved Person as defined in By-law 1. The Alberta Securities Act , provides a broad definition for what constitutes a trade. In the present case, Staff has confirmed that 12 clients were introduced to the Prism Group through the Respondent. A total of 43 clients of the Respondent were confirmed to have invested in Prism Group offerings.
The Rule enhances investor protection and strengthens public confidence in the Canadian Mutual Fund Industry, as it creates a regime whereby an approved person is only permitted to sell investment products that have first been approved for sale by the Member, and which are sold through the facilities of the Member, thus ensuring the trading activity is subject to appropriate review and supervision. As the investments were not processed through the Member in that decision, the Member was unable to properly supervise the approved person and ensure the clients were properly qualified as accredited and eligible investors.
These provisions create a regime whereby an Approved Person is only permitted to refer clients to purchase investment products through referral arrangements that are subject to appropriate review and supervision by the Member, and require referral fees to be processed through the books and records of the Member.
These provisions are structured to drive regulated activity through the Member so that the Member is able to exercise supervision and control over the activity in question. It allows the Member to consider the appropriateness of any given referral arrangement between a third party and the Approved Person.
In the present case, Staff does not have evidence of a formal, signed referral fee agreement between the Respondent and the Prism Group. Any referral agreement between the Respondent and the Prism Group was not permitted under Sections Numerous MFDA Hearing Panels have found that an Approved Person had engaged in misconduct contrary to the NI by entering into or participating in referral arrangements that did not meet the requirements for permitted arrangements, as articulated by s.
Staff takes the position that, given the number of clients of the Respondent, there must have been some expectation of compensation, profit, or some other benefit. Having not made Assante aware of his involvement with the Prism Group, it follows that Assante could not have given the Respondent formal approval to continue his involvement with the Prism Group. The Respondent fell short of the standard of conduct expected of Approved Persons Staff submits that, as a result of the Respondent not disclosing his involvement with the Prism Group to Assante, he fell short of the standard of conduct expected of an Approved Person.
MFDA Rule 2.