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by Mike Caswell

The U.S. Securities and Exchange Commission says that Vancouver's Amar Bahadoorsingh has failed to answer charges he faces for a $5.2-million scheme on the OTC Markets. (All figures are in U.S. dollars.) The SEC claims that Mr. Bahadoorsingh was part of a scheme to dump shares in Aureus Inc., a supposed gold explorer in Montana. The share sales came as a Colombian boiler room pitched the stock to potential investors.

The SEC has been pursuing Mr. Bahadoorsingh for the scheme for just over eight months, but has made little progress. After filing the case, the regulator was unable to find Mr. Bahadoorsingh to serve him with its complaint. It later tracked him to an address in Surrey, B.C., where a female occupant said that he was in Europe doing business.

The SEC later obtained a court order allowing it to serve Mr. Bahadoorsingh through e-mail, and then began settlement negotiations with his lawyer. Those negotiations appear to have broken down, however. In a motion filed on Thursday, April 7, the SEC says that the discussions have been under way since November, 2021, and have produced no settlement agreement. Mr. Bahadoorsingh has also indicated through his lawyer that he has no intention of responding to the case.

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