Dimitrios (Jim) Neilas settles with FSRA at 3% of original fine amount

TORONTO, Aug. 23, 2023 /CNW/ - Dimitrios (Jim) Neilas has agreed to a small nominal administrative fine of $38,888 for technical breaches under the Act.

As highlighted in the settlement documents, FSRA conducted 6 examinations of Dimitrios (Jim) Neilas' broker documents, and no contraventions were identified during these examinations. The examinations occurred as follows:

• 2008 Examination - no contraventions of the Act
• 2009 Examination - no contraventions of the Act
• 2010 Examination - no contraventions of the Act
• 2011 Examination - no contraventions of the Act
• 2012 Examination - no contraventions of the Act
• 2017 Examination - no contraventions of the Act

Highlights of the Settlement

• FSRA received and reviewed comprehensive information for review of Dimitrios (Jim) Neilas' business practices and retained a forensic accountant with no findings of financial malfeasance, no financial dishonesty, no false representations, and absolutely no fraudulent activity
• Dimitrios (Jim) Neilas did disclose ownership of all related companies and did disclose all conflicts of interest
• The settlement has no contraventions related to financial dishonesty, no contraventions related to misrepresentations, no contraventions related to false representations, no contraventions related to breach of fiduciary duty
• The settlement acknowledges Dimitrios (Jim) Neilas' companies were paid less than half the amount of fees Dimitrios (Jim) Neilas companies were entitled to under agreements with investors
• Dimitrios (Jim) Neilas' license was not sanctioned

From 2004 to 2017, Dimitrios (Jim) Neilas originated 24 investments, with over 3,000 investors with successful exits and outstanding returns of over 10% on 21 of those investments

About Neilas Inc.:

Neilas Inc. was formed in 2006 with a view to originating outstanding residential real estate investments and superior returns for investors. Neilas Inc. and related companies have originated 24 investments with over 3,000 investors and provided returns of over 10% on 21 of its investments.

SOURCE Neilas Inc.

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