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by Mike Caswell

The B.C. Securities Commission has begun proceedings against a group of Vancouver-area men led by Kamaldeep Thindal, claiming that they ran a $46-million pump-and-dump scheme. The BCSC says that the group boosted three stocks, falsely claiming that one listing was a "billion dollar company that people will talk about for years to come," while secretly selling millions of shares. In one instance, they boosted an unprofitable TSX Venture Exchange listing to the point where it had a $270-million market capitalization, the BCSC says.

The allegations are contained in a notice of hearing that the BCSC released on Monday, July 24. The case targets a group that operated under the name Core Capital Partners Inc. from an office in Vancouver. The BCSC lists Mr. Thindal, a resident of Langley, as the managing partner and sole director of Core Capital. Also named are his brother, Amandeep Thindal; Vancouver resident Yazan Al Homsi; Delta resident Pardeep Luddu; former Vancouver broker Aarun Kumar; and retired securities lawyer Mani Chopra (who is Mr. Kumar's uncle).

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