Enforcement Roundup – December 2017
In this edition of the Enforcement Roundup, we cover one British Columbia Securities Commission (BCSC) panel decision, a settlement agreement, one return of funds claimed, and two notices of hearing.
BCSC Panel Decisions
A BCSC panel found that Oei and three companies he controlled—Canadian Manu Immigration & Financial Services Inc., 0863220 B.C. Ltd., and 0905701 B.C. Ltd.—committed fraud by misappropriating the investors’ funds and using them for their own purposes.
The panel made various findings of fraud against the Oei, a BC resident, and the three companies:
- Oei with respect to 63 investments amounting to $5,003,088;
- Canadian Manu with respect to 63 investments amounting to $5,003,088;
- 0863220 with respect to 33 investments amounting to $3,001,853; and
- 0905701 with respect to 30 investments amounting to $2,001,235.
The panel also dismissed 18 fraud allegations against Oei and another company he controlled, Organic Eco-Centre Corp.
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
BCSC Settlement Agreement
In a settlement agreement, Janda admitted he failed to file insider reports with respect to his trades in shares of Easy Technologies Inc. He was a de facto director of that company.
In contravention of the Securities Act, Janda did not file any insider reports with respect to his 24 trades in Easy Technologies, or with respect to his company’s (ONA Capital Ltd.) sale of shares.
For his misconduct, Janda agreed to pay $15,000 to the BCSC. He was ordered to resign any position he holds as a director or officer of an issuer or registrant, and is banned for one year from becoming or acting as either of those positions.
BCSC Return of Funds Claim
The BCSC paid three investors $120,000 that they lost as a result of Dhanani’s misconduct.
In May 2016, a BCSC panel found Dhanani perpetrated a fraud on three investors. He was ordered to pay $188,800 for his misconduct. The BCSC received $120,000 as partial satisfaction of the order.
BCSC Notice of Hearing
The BCSC’s Executive Director issued a notice of hearing alleging that Gardner obstructed justice by refusing to give information reasonably required for an investigation. You can find out more in the hearing file.
The BCSC’s Executive Director issued a notice of hearing alleging that Liu, NuWealth Financial Group Inc. and CPFS Professional Financial Services Inc. traded securities without being registered. You can find out more in the hearing file.
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 anonymous using BCSC’s online complaint form.