Decision in brief: Mughal Asset Management Corporation, Enforcement Proceeding, Request for time to produce documents, November 1, 2023

Andrea Burke (chair of the panel), Geoffrey D. Creighton, William J. Furlong
Date of Reasons:
File Number:
Hearing Type:
Applicants / Respondents:
Mughal Asset Management Corporation, Lendle Corporation and Usman Asif

In a separate decision the Tribunal decided that Usman Asif and his two companies, Mughal Asset Management Corporation and Lendle Corporation, committed fraud.

During the merits hearing, Asif and his two companies admitted most of what OSC staff says Asif did, with a few exceptions. One of the exceptions was how much money was paid back to Mughal investors. Asif asked for more time to find bank records that could potentially show that more money was repaid than what staff said was repaid.

The Tribunal did not give Asif and his two companies more time to find the bank records. They waited too long to make the request, which was made during the hearing and after OSC staff had finished. It would be unfair to OSC staff. The bank records should have been given to OSC staff before the hearing started. The Tribunal was also not convinced that Asif would find the bank records or that the records would show more money was repaid to investors.

Decisions in brief are prepared by Governance & Tribunal Secretariat staff to help the public better understand Tribunal decisions. They do not form part of the Tribunal’s reasons and are not for use in legal proceedings.