BCSC defeats appeal over Poonian's $19-million fine
2021-11-04 20:34 ET - Street Wire
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by Mike Caswell
Thal Poonian, the Vancouver promoter banned and fined by the B.C. Securities Commission in 2014, has lost another legal effort to discharge his fines through bankruptcy proceedings. He had claimed that his onerous debts, amounting to $25-million, were far beyond his ability to pay. Mr. Poonian took his case to the province's highest court, the Court of Appeal for British Columbia, but that court has refused to intervene, upholding an earlier finding that he and his wife are not the "honest but unfortunate" debtors that the bankruptcy process is designed to help.
The ruling is a footnote to a case that the BCSC pursued against the Poonians for the manipulation of OSE Corp., a TSX Venture Exchange listing that went to $2. The BCSC found that Mr. Poonian and others made $7.3-million selling the stock while they manipulated it with prearranged trades, among other things. The regulator entered orders that resulted in Mr. Poonian and his wife owing a combined $19-million in fines and disgorgement.
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What happened to the %7.3Million? In this day in age every penny can be traced.
Posted by Firefox at 2021-11-05 09:59
What happened to the $7.3 Million? In this day in age every penny can be traced.
Posted by Firefox at 2021-11-05 09:59
George Orwell 1984 is becoming a reality. A bunch of in-ept government bureaucrats are deciding what is right or wrong in society. Welcome all the new immigrants to Canada. Get ready to spend your entire life working then have the government take it away from you. Good luck to all involved in the financial sector, specially cryto currency, where the underlining assets is nothing.
Posted by Scammed by Crypto at 2021-11-05 10:08
So effectively, the Poonians have been deemed as 2nd or 3rd class Canadian citizens based on them challenging the administrative body BCSC and the CRA. Yet BCSC hasn't prosecuted a single person or entity carrying out the $2 trillion crypto scam.
Posted by Scammed by Crypto at 2021-11-05 10:15
@crypto
“Get ready to spend your entire life working then have the government take it away from you.”
“…in 2014…Mr. Poonian and others made $7.3-million selling the stock while they manipulated it with prearranged trades, among other things. The regulator entered orders that resulted in Mr. Poonian and his wife owing a combined $19-million in fines and disgorgement.”
Stockwatch records indicate that the husband and wife Poonians had active roles in the Canadian markets between 1995 and 2012 (with no mention of OSE Corp), which is hardly a lifetime.
Nor are unpaid debts of $23.3 million any indication of “the government take it away from you”. On the contrary, that “unpaid” should indicate that the Poonians have been successful, over the last seven years, in keeping the government debt collectors at bay.
Fortunately, most B.C. lawyers don’t work on a never-never basis, so seven years of litigation could have impacted the lifetime earnings you allude to.
Posted by halcrow at 2021-11-05 10:59
@crypto
“…in 2014…Mr. Poonian and others made $7.3-million selling the stock while they manipulated it with prearranged trades, among other things. The regulator entered orders that resulted in Mr. Poonian and his wife owing a combined $19-million in fines and disgorgement.”
Where is the $7.3 million? Who has it? It's hard to believe that between the bureaucrats from BCSC, CRA, the bankruptcy trustee, superintendent of bankruptcy courts and an army of over paid lawyers over the last 7 years can't trace it to the Poonians. The case has been on going for 13 years.
It begs the question did it ever exist or did it exist for a short period of time and then disappeared into the stock market?
My family has lost a fortune in crypto currencies in the last couple of years but no one at BCSC wants to even take a call from us.
Posted by Scammed by Crypto at 2021-11-05 13:13
"My family has lost a fortune in crypto currencies in the last couple of years but no one at BCSC wants to even take a call from us."
I feel sorry for your loss but, why did your family continue to throw good money after bad?
After all, Albert Einstein said, "Insanity is doing the same thing over and over and expecting different results.”
Posted by halcrow at 2021-11-05 23:37
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