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by Mike Caswell

A panel of the Ontario Securities Commissions has dismissed a case against Ahmed Kaiser Akbar, a suspended Ontario securities lawyer accused of a fraudulent scheme with Canadian Securities Exchange listing Solvbl Solutions Inc. in 2021. The OSC claimed that Mr. Akbar misled investors when he drafted news releases about a "potential game changer" of a deal between Solvbl and an entity with customers in the U.S., Europe and Asia. In reality, that entity had no revenue or customers, and had been recently incorporated by Mr. Akbar, the OSC said.

The dismissal is contained in a decision that the OSC released on Friday, Jan. 23. A panel has determined that Mr. Akbar drafted news releases that were false and misleading, but at the same time has found he is not liable for those news releases. The reason (set out in 21 pages of legalese) is that the company, Solvbl, distributed the news to the public, while Mr. Akbar's role was limited to preparing a draft copy.

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