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by Mike Caswell

A U.S. federal judge in Boston has entered a $1.49-million forfeiture order against Vancouver's Avtar Dhillon for a scheme to defraud shareholders in two OTC Markets listings. (All figures are in U.S. dollars.) The government claims that Mr. Dhillon secretly unloaded shares amidst paid promotional campaigns, generating $2.19-million for himself and an associate. The stock was partly held in the name of a non-descript B.C. company, according to prosecutors.

The $1.49-million sanction is contained a forfeiture order handed down on Nov. 8, 2024. Mr. Dhillon did not dispute the order, as he previously pleaded guilty to charges arising from the scheme and agreed to hand over the money that he made. He still faces the possibility of jail, as he awaits sentencing for the scheme.

While the order represents a win for Boston prosecutors, they are not the only arm of the government pursuing Mr. Dhillon's money. The U.S. Securities and Exchange Commission previously won a $10.4-million civil judgment against Mr. Dhillon in a related case. The SEC case was larger in scope, with the regulator claiming that Mr. Dhillon and others improperly sold $45.6-million worth of stock, with some of the sales coming amidst the promotion of a supposed surgical tool for controlling bleeding.

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