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by Mike Caswell

The Ontario Securities Commission has permanently banned White Rock resident Amar Bahadoorsingh, citing his part in two promotions on the OTC Markets that resulted in U.S. charges. The OSC says that Mr. Bahadoorsingh's conduct, which included misleading investors, brokers and transfer agents, is sufficient to justify the ban. 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 a brief administrative order handed down by the OSC on Thursday, April 30. The order bars him from trading, with some limited exceptions, and from serving as an officer or director. He is also banned from being a promoter. The OSC handed down the order without giving Mr. Bahadoorsingh a chance to be heard.

The decision relies almost entirely on a case that the U.S. Securities and Exchange Commission pursued (and won) against Mr. Bahadoorsingh. In a civil complaint filed on Aug. 4, 2021, the SEC cited him for the 2016 promotion of Aureus Inc., an OTC Markets listing that held two gold prospects in Montana. The SEC said that Mr. Bahadoorsingh secretly held millions of shares in Aureus, which he unloaded amidst a promotional campaign that included a boiler room operating from Colombia, according to the SEC.

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