BCSC InvestRight Enforcement Roundup – December 2016

In this edition of the Enforcement Roundup, we have one British Columbia Securities Commission (BCSC) panel decision and one Investment Industry Regulatory Organization of Canada (IIROC) settlement agreement.

For details about a case, click on the name of the person above the summary.

BCSC Panel Decision

Ayaz Dhanani (also known as Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos, and Rahim Jawa)

A BCSC panel permanently banned Dhanani and fined him $188,800 after finding he perpetrated a fraud.

Dhanani raised funds from three investors and promised to purchased shares in resource companies he claimed were about to go public. He promised each investor that their investments would increase significantly in value over a short period of time. No securities were ever purchased with the investors’ money.

In addition to the permanent market ban, Dhanani must also pay a penalty of $225,000 and resign any director or officer positions of any issuer or registrant.

This news release outlines the panel’s June 2016 findings decision.

IIROC Settlement Agreement

Denis Denischuk

As part of a settlement agreement, Denischuk admitted that he failed to fully and properly supervise the activities of a registered representative, Alberto “Bob” Tassone. The conduct occurred while Denischuk was at the Delta, BC, offices of Global Securities from November 2003 to September 2004 and Raymond James from September 2004 to February 2013.

Denischuk agreed to a $14,000 fine and suspension of any and all supervision registration capacities with IIROC for 30 days. He also agreed to pay $1,000 in costs.

Report a Concern

If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393 or through e-mail at [email protected]. You can also file a complaint or submit a tip anonymously using the BCSC’s online complaint form.

InvestRight.org is the British Columbia Securities Commission’s investor education website.

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Every month we release an Enforcement Roundup blog that highlights all of the notable securities law decisions relating to BC residents in the previous month. We cover our completed regulatory cases and report on other self-regulatory organization’s decisions when pertinent. From time-to-time, we will also cover criminal cases related to our decisions or investigations. The […]