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SEC looks to add new allegations against Rayat

2022-05-24 20:49 ET - Street Wire

Also Street Wire (U-RCAR) Renovacare Inc
Also Street Wire (U-WNDW) Solarwindow Technologies Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission is looking at adding to the case against Harmal Singh Rayat, a Vancouver man who awaits trial over a 2018 scheme on the OTC Markets. The charges against Mr. Rayat so far stem from the promotion of a supposed burn healing device called the "SkinGun." The SEC's lawyer says that he has since uncovered evidence from another promotion, but is awaiting approval from the SEC before he can apply to amend the case.

The proposed amendment comes with Mr. Rayat awaiting trial for the promotion of RenovaCare Inc. in 2018. According to the SEC, he secretly paid for a $50,000-per-month tout sheet to boost the stock with false claims and pictures showing the supposed results of the company's burn healing device. (All figures are in U.S. dollars.) When asked about the paid touts by the OTC Markets, he specifically denied having any part in them.

With the case still not scheduled for trial, the SEC has written to the judge to inform him that it may be adding new allegations against Mr. Rayat. The letter, filed in court on Tuesday, May 24, has few details, but the SEC did previously set out at least some of its concerns. Hidden amongst the legalese of an evidentiary motion filed on May 3, 2022, the SEC referred to a company called Solarwindow, likely a reference to an OTC Markets listing called Solarwindow Technologies Inc. In 2018, the company touted itself as the developer of a window coating that supposedly generated electricity. Mr. Rayat was a shareholder and the company's chairman.

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