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by Mike Caswell

Alnoor Ramji, a B.C. man accused of participating in a $21.5-million OTC Bulletin Board scheme, has agreed to pay $85,000 to settle a case from the B.C. Securities Commission. He has also accepted a permanent ban from the markets and from serving as an officer or director. The penalties stem from his failure to file insider trading reports.

The sanctions are contained in a settlement Mr. Ramji negotiated with the BCSC, which had accused him of secretly selling millions of shares of a Regina company, Clean Power Concepts Inc. He sold the stock using nominees and offshore accounts in the midst of a $1.6-million paid promotional campaign, the BCSC claimed. During a one-month scheme he and other unidentified associates sold $21.5-million worth of stock, according to the BCSC.

In his settlement agreement, announced on Monday, Oct. 20, Mr. Ramji has agreed that he concealed control over 33.5 million shares of Clean Power, or 16 per cent of the company. He has also agreed that he sold $8.3-million (U.S.) worth of stock during a promotional campaign, with the selling occurring through offshore accounts he controlled or through nominees. He subsequently transferred the money to Hong Kong, Switzerland, Belize and Panama.

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