December 01, 2023

Vancouver lawyer Faiyaz A. Dean has agreed not to practice law for eight years after admitting to professional misconduct. Dean’s total practice ban will be 12 years, as he has already been prohibited from practicing law since 2020 as a result of the misconduct in this matter. 

In a proposal under Rule 4-29 of the Law Society Rules, Dean admitted that between 2014 and 2016 he used his trust account to receive and disburse funds on behalf of several clients without providing substantial legal services or inquiring about the circumstances of the transactions. Dean also admitted that between 2010 and 2013 he engaged in activities that he ought to have known assisted in or encouraged dishonesty, crime or fraud. He also admitted that he failed to comply with client identification and verification requirements.

In 2018, the U.S. Securities and Exchange Commission (SEC) filed a complaint against Dean and others, alleging they engaged in a fraudulent scheme to effect illegal sales and manipulate the market for shares of a company. Dean failed to respond, resulting in a default judgment against him. In 2023, the British Columbia Securities Commission relied on the SEC’s default judgment in making orders against him, including permanent market bans. Dean has appealed this decision.

In 2019, Dean was indicted in the District of Arizona for allegedly engaging in a conspiracy to commit securities fraud, wire fraud and money laundering. The charges remain outstanding.

Under the agreement, Dean is barred from practicing law throughout Canada and he cannot apply to practise anywhere else in the world without first notifying the Law Society. If Dean applies for reinstatement after eight years, he must demonstrate he is of good character and fitness to practice law at a mandatory credentials hearing and comply with any conditions imposed by the panel.

The Law Society recognizes that misconduct by lawyers that facilitates, or has the potential to facilitate, securities fraud poses significant risks to the public, and takes such matters very seriously. The Law Society appreciates the cooperation of the US Securities and Exchange Commission in this investigation.

For details, see the Rule 4-29 admission and undertaking.