Avtar Singh Dhillon, a former B.C. cannabis company executive an stock promoter, has exchanged his testimony and guilty plea in a civil fraud proceeding for a US$10.4-million repayment of ill-gotten gains and a penny stock ban, with no civil penalty; Dhillon faces a sentencing hearing for related criminal conduct, this November.
A former B.C. doctor turned cannabis stock promoter has admitted to the U.S. Securities and Exchange Commission he participated in a massive, billion-dollar stock fraud scheme partly orchestrated from Vancouver via a network of offshore shell companies.
Dhillon agreed to have the commission file liens on “certain real estate in California” and to promptly make “diligent efforts” to sell them. Prior to the charges Dhillon was known to reside in a US$12-million, 9,300-square-foot, yacht-lined waterfront home. As such, Dhillon is banned from promoting stocks and acting as a director or officer of a public company in the United States. However, he could still do so in Canada, as the B.C. Securities Commission has not placed reciprocal orders on him.
In October 2022, Dhillon's longtime business partner, Vancouver lawyer and EHP chairman Jim Heppell reached a US$517,955 settlement for EHP with the SEC without the company itself admitting or denying wrongdoing.
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