Enforcement Roundup: March 2021

The March 2021 edition of the Enforcement Roundup includes two court rulings related to BCSC collection efforts and one enforcement action from the Investment Industry Regulatory Organization of Canada (IIROC).

BCSC Enforcement

Court Decisions

Thalbinder Singh Poonian and Shailu Poonian, Michael Lathigee

The BCSC has won two legal victories in its efforts to collect $40.7 million in financial sanctions.

On March 26, 2021, the BC Supreme Court ruled that Thalbinder Singh Poonian and Shailu Poonian will never be discharged from their debts to the BCSC by bankruptcy. In 2018, a BCSC panel ordered the Poonians to pay a combined $13.5 million in administrative penalties for committing market manipulation, plus a combined $5.5 million disgorgement of their ill-gotten gains. The Poonians have not paid any portion of those sanctions.

Meanwhile, on March 18, 2021 the Supreme Court of Nevada denied Michael Lathigee’s petition for a rehearing into its December 2020 decision, which upheld the BCSC’s efforts to collect $21.7 million from the fraudster.

Read the news release for full details.

News Release

IIROC Enforcement

IIROC Settlement Agreement

Brian Anthony Peters

Peters admitted that he made unsuitable recommendations for a client and that he accepted trading instructions from someone other than his client, without the client’s written authorization.

Peters has agreed to pay a $50,000 fine and $2,500 in costs. He has also been issued a 30-day suspension from registration in any capacity with IIROC.

Read the news release for full details.

News Release

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 BCSC’s online complaint form.

InvestRight.org is the British Columbia Securities Commission’s investor education website. Subscribe to receive email updates from BCSC InvestRight.

Suggested Reading

Enforcement Roundup: February 2021

Enforcement Roundup: January 2021

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The Enforcement Roundup is a monthly summary of enforcement decisions in British Columbia taken by securities regulators.

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The Enforcement Roundup is a monthly summary of enforcement decisions in British Columbia taken by securities regulators.