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SEC wins ban, $928,484 (U.S.) order for Bahadoorsingh

2022-07-06 20:37 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 won a $928,484 judgment against Vancouver's Amar Bahadoorsingh for his part in a $5.2-million OTC Markets scheme. (All figures are in U.S. dollars.) The SEC said that Mr. Bahadoorsingh secretly held millions of shares in Aureus Inc., a supposed Montana gold explorer. He unloaded those shares amidst a promotional campaign that included a boiler room operating from Colombia, according to the SEC.

The penalties for Mr. Bahadoorsingh are contained in a judgment that the SEC released on Wednesday, July 6. The $928,484 includes disgorgement of his gains from the scheme, amounting to $572,002, plus interest, and a $207,183 fine. The judgment also includes a permanent penny stock ban and an injunction barring future violations.

The decision is a victory for the SEC, but the prospects of collecting the money may be remote. The judgment was one handed down by default, as Mr. Bahadoorsingh ignored the case. The SEC had been negotiating a settlement with him, but those talks failed to produce a deal. Mr. Bahadoorsingh did not file an answer to the charges, nor did he participate in the case beyond the settlement talks.

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