Nayeem Alli's prohibition on serving as a director or officer of an issuer has been extended to June 22, 2032, after Ontario's Capital Markets Tribunal found he remained in roles at two companies despite an earlier order requiring him to resign.
In Ontario Securities Commission v Alli, 2026 ONCMT 25, released June 2, 2026, adjudicator M. Cecilia Williams also ordered a $6,000 administrative penalty and $4,200 in costs. The merits, sanctions and costs were decided together in a written hearing in which Alli participated.
Late departures did not cure the breach
The earlier order, made in the First Global Data proceeding in June 2023, required Alli to resign his director and officer positions and barred him from such roles with any issuer for seven years.
The tribunal found that Alli remained a director of Man Minerals Inc. for about 22 months after that order and a director and officer of Mobility Fintech Solutions Inc. for about 29 months. He took steps to leave after the Ontario Securities Commission contacted him about compliance.
Alli said he believed the ban applied to public rather than private companies and that his appeal delayed the need to comply. Williams rejected those explanations: the order covered any issuer, was not stayed, and the evidence did not establish a defence based on legal advice.
Sanctions extended the existing prohibition
Williams found that an additional two-year prohibition reasonably matched the period of non-compliance. She rejected a further 18 months sought for deterrence, finding that the overall sanctions adequately addressed that goal. The $6,000 penalty reflected involvement with two companies over approximately two years.
Williams accepted Alli's unchallenged evidence of remorse. She nevertheless concluded that sanctions were necessary: compliance efforts should have started when the original order was issued, not only when the regulator followed up.
The June 2 operative order prohibits Alli from becoming or acting as a director or officer of any issuer until June 22, 2032. It also required him to resign any remaining such positions by July 2, 2026, and to pay the penalty and costs to the commission.
The costs award excluded a share of expenses attributed to common tasks across nine enforcement cases. Williams found that the record did not provide enough detail about those other matters to justify allocating that amount to Alli. The $4,200 award instead covered identified work on his own investigation and proceeding.
