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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent ban and financial penalties totalling $466,619 against Vancouver's Amar Bahadoorsingh for a scheme on the OTC Markets from 2020. (All figures are in U.S. dollars.) The SEC said that he and another B.C. man, Vincenzo Carnovale, sold shares of a supposed producer of alcoholic beverages during a paid promotion. The men realized at least $788,000 in gains as investors were promised returns of up to 1,000 per cent, the SEC claimed.

The penalties for Mr. Bahadoorsingh are contained in a judgment handed down on Friday, March 31, by a federal judge in Boston. The decision permanently bars him from penny stocks and includes a permanent injunction against future violations. The judge also ordered Mr. Bahadoorsingh to disgorge $231,020 in gains, plus interest, and to pay a $207,183 fine.

While the SEC has won the case, collecting any money from Mr. Bahadoorsingh may prove difficult, as he mostly ignored the matter. He initially hired a lawyer to discuss a settlement with the SEC, but those talks did not resolve the case. He then failed to file an answer or participate further, leading to Friday's judgment.

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