In order to resolve a disciplinary proceeding before a Panel of the Disciplinary Committee concerning alleged professional misconduct against him, Vasant Pragjibhai Patel, of Surrey, British Columbia has agreed to voluntarily relinquish his membership in the Organization of Chartered Professional Accountants of British Columbia (“CPABC”), effective May 27, 2022.
The professional misconduct alleged against Mr. Patel involves a breach of the Chartered Professional Accountants Act, S.B.C. 2015, c.1 (the “CPA Act”) and numerous breaches of the CPABC Code of Professional Conduct, including: making false and misleading representations to investors to persuade them to invest; facilitating transactions to purchase housing units when not independent of the transactions; preparing and signing purchase agreements that did not accord with the terms of the transaction that had been agreed to; preparing and signing an agreement that purported to give himself an ownership interest in the housing units and the right to receive profits upon the sale of these properties on the misrepresentation that he had contributed to the purchase of the housing units; arranging for deposit funds to be paid contrary to the trust conditions in the purchase agreements; and failing to advise the investors to obtain independent advice before advancing monies by way of a loan.
As Mr. Patel is no longer a member of CPABC, he cannot use or display the designations “Chartered Professional Accountant”, “Chartered Accountant”, or “Professional Accountant”, the initials “CPA”, “CA”, “CPA, CA”, or “PA”, or imply, suggest, or hold out that he is a Chartered Professional Accountant or Professional Accountant.