On October 7, 2022, the Supreme Court of Illinois suspended Ontario attorney Ashmit S. Patel.
The case is styled In re: Ashmit S. Patel with case no. 2022PR00065.
On July 11, 2022, Patel pleaded guilty to one count of conspiracy to commit securities fraud before a federal judge in San Diego, California. Patel admitted in his plea agreement that he and other defendants, engaged in a “pump and dump” scheme, where he generated almost $500,000 in illegal gain.
According to the filing:
‘The rule to show cause that issued to respondent Ashmit S. Patel pursuant to Supreme Court Rule 774 on August 24, 2022.’
Based on the foregoing, the Court ruled against Patel and suspended him from the practice of law effective immediately and until further order of the Court.
Mr. Ashmit S. Patel has been licensed in Illinois.
A copy of the original filing can be found here.