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SEC seeks ban for Vancouver's Bahadoorsingh

2022-05-11 20:31 ET - Street Wire

Also Street Wire (U-ARSN) Aureus Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a judge to impose a permanent ban and $928,484 in sanctions against Vancouver's Amar Bahadoorsingh for his part in a $5.2-million scheme on the OTC Markets. (All figures are in U.S. dollars.) The SEC says that Mr. Bahadoorsingh dumped shares of Aureus Inc., a supposed gold explorer in Montana. His share sales, hidden through nominee entities, came amidst a promotional campaign that included a Colombian boiler room, the SEC claims.

The request from the SEC is contained in a motion filed on Wednesday, May 11, in federal court in Boston. The regulator has requested a penny stock ban for Mr. Bahadoorsingh along with an injunction barring future violations. The $928,484 in monetary penalties includes a fine and disgorgement of Mr. Bahadoorsingh's gains of at least $572,002, plus interest.

The penalties, should the SEC win them, would be by default, with Mr. Bahadoorsingh having failed to respond to the charges. The SEC says that it had been negotiating a settlement with him, but those negotiations did not produce any deal. He also indicated that he did not plan to answer the complaint.

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