BCSC permanently bans Bahadoorsingh over U.S. schemes
2025-02-27 19:34 ET - Street Wire
Also Street Wire (U-ARSN) Aureus Inc
Also Street Wire (U-MMNT) Momentous Holdings Corp
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by Mike Caswell
The B.C. Securities Commission has permanently banned White Rock resident Amar Bahadoorsingh following bans he received in the U.S. over two promotions on the OTC Markets. The BCSC says that Mr. Bahadoorsingh's misconduct in the U.S. was "deceitful and unscrupulous." Among other things, a U.S. judge found that he participated in a $5.2-million scheme involving the paid promotion of a supposed Montana gold explorer. (All figures are in U.S. dollars.)
The ban for Mr. Bahadoorsingh is contained in an administrative order that the BCSC released on Thursday, Feb. 27. The order permanently bars him from trading, serving as an officer or director, and from promoting stocks. There is an exception to the trading ban, in that he may trade for retirement accounts such as an RRSP, but he can only do so through a registered dealer that has been provided a copy of Thursday's order.
In banning Mr. Bahadoorsingh, the BCSC relies mostly on two judgments that the U.S. Securities and Exchange Commission won against him in 2022 and 2023. The SEC said that Mr. Bahadoorsingh secretly held millions of shares in Aureus Inc., a supposed Montana gold explorer. He unloaded those shares amidst a promotional campaign that included a boiler room operating from Colombia, according to the SEC.
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Great work, BCSC.
This'll certainly warn off anyone pondering if it's worthwhile to emulate the activities of Mr. Bahadoorsingh and Mr. Carnovale in BCSC-protected British Columbia.
However, as usual, there seems to a disconnect between the levying of fines and the collection of those financial penalties.
At one time, those interested in the efficiency of the collection process could go to the BCSC website and check the status (aka the efficiency) of the fines by way of the Sanction Payment Status List.
In the past, the list made for depressing reading (unless you were one of the ones still owing the fines), and it went back as far as 1987.
Today...well, either nobody owes anything (impossible) or else the BCSC has started afresh and cancelled all unpaid balances (possible?).
Neither Mr. Bahadoorsingh nor Mr. Carnovale show up on today's list (and, for some arcane reason, today's list seems to be current to May 15, 2024).
As Alice cried in Through The Looking-Glass, and What Alice Found There, "Curiouser and curiouser!”.
Posted by halcrow at 2025-02-28 15:34