A U.S. judge found B.C. resident Amar Bahadoorsingh liable for stock fraud in a case involving deemed 'mastermind' Fred Sharp of West Vancouver.
A B.C. man who committed stock fraud in the U.S. via associates in Vancouver is challenging a B.C. Securities Commission application to permanently ban him from Canada’s capital markets.
After not responding to the SEC’s allegations, Bahadoorsingh was ordered by a judge on July 6, 2022 to pay the SEC over $700,00 in a civil default judgment that found he participated in a fraudulent scheme to sell shares of an otherwise “thinly-traded” microcap company named Aureus Inc., in 2016. The SEC stated “what appeared to be ordinary trading by unaffiliated investors was actually a massive dump of shares orchestrated by” Carillo, Bahadoorsingh and two other associates.
The SEC previously claimed Sharp, a former lawyer turned offshore shell facilitator, was the “mastermind” of over $1 billion of illegally traded shares across several “control groups” of over 100 penny stock firms, between 2010 and 2021. “The SEC's complaint alleges that, from 2016 through at least October 2020, Bahadoorsingh and Canadian resident Vincenzo Carnovale secretly gained control of thinly traded microcap companies, hired stock promoters to create demand for their stock, and generated substantial illicit profits by selling the stock to unsuspecting investors.”Carnovale, who was believed by the SEC to be a B.C. resident, is a co-defendant with Sharp in a separate, ongoing case in Quebec.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Thundershowers to bring moisture to fire-weary regions of British ColumbiaThe BC Wildfire Service says thundershowers are expected to bring some much-needed moisture to areas of the province where hundreds of fires are burning, including a destructive blaze in the Kootenays.
Read more »
Thundershowers to bring moisture to fire-weary regions of British ColumbiaThe BC Wildfire Service says thundershowers are expected to bring some much-needed moisture to areas of the province where hundreds of fires are burning, including a destructive blaze in the Kootenays.
Read more »
Thundershowers to bring moisture to fire-weary regions of British ColumbiaThe BC Wildfire Service says thundershowers are expected to bring some much-needed moisture to areas of the province where hundreds of fires are burning, including a destructive blaze in the Kootenays.
Read more »
British Columbia athletes shine as 2024 Olympics come to an endThe Paris 2024 Summer Olympics was the most successful for Canada in it's history. The Canadians brought home nine gold, seven silver, and eleven bronze.
Read more »
British Columbia lifts COVID-19 vaccine mandate for health-care workersCollecting these records will allow health-care administrators to make staffing decisions in the event of an exposure, outbreak, or future pandemic.
Read more »
Eby pledges $300M towards 1,508-bed, $560M student housing project at UBCVANCOUVER — The British Columbia government and the University of B.C.
Read more »