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by Mike Caswell

The Alberta Securities Commission has filed a case against a group of former insiders at Canadian Securities Exchange listing Softlab9 Technologies Inc., claiming that they manipulated the stock in 2019 and 2020. The ASC says that the group carried out wash trades and other manipulative practices, with the activity coming as the company promoted disinfectant products amidst the appearance of COVID-19. The group failed to report the trades or their control over Softlab9's shares, the ASC says.

The allegations are contained in a notice of hearing that the ASC released on Tuesday, April 9. The respondents include Softlab9's former chief executive officer, Rahim Shiraz Mohamed of Calgary, as well as a former director, Alnoor Fatehali Nathoo of Calgary. Also named are Vancouver resident Marc Evan Levy and Abbotsford resident Michael Baron.

The events at issue go back to 2019, when Mr. Mohamed and the others controlled shares of Softlab9 through private entities, the ASC says. The private entities were held in the names of others, with one associated with Mr. Mohamed's "adult interdependent partner" and another associated with his mother, according to the hearing notice. Mr. Mohamed also had a brokerage account at a Cayman Islands company that he used, according to the ASC.

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