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by Mike Caswell

The Ontario Securities Commission has permanently banned Stan Bharti, the Toronto businessman behind Forbes & Manhattan Inc., over the improper receipt of shares in Canadian Securities Exchange listing Medivolve Inc. in 2020. The OSC said that Mr. Bharti failed to disclose three million shares that he received in Medivolve's acquisition of an entity that developed medical technology related to COVID-19. The stock, which Mr. Bharti never sold, was worth $915,000.

The ban for Mr. Bharti is contained in an order that the OSC released on Friday, May 8. The regulator has permanently barred him from serving as an officer or director, with exceptions for some family held companies. He must also pay a $785,000 fine, disgorge $915,000 and pay $50,000 in costs, for a total of $1.75-million. The sanctions are part of a negotiated settlement, in which Mr. Bharti has admitted to the violations.

Also banned Friday for the scheme was Ontario lawyer Neil Said, who is barred from serving as an officer or director for five years. In addition, Mr. Said must pay a $200,000 fine, $854,000 in disgorgement and $46,000 in costs, for a total of $1.1-million. As with Mr. Bharti, the sanctions represent a negotiated settlement.

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