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SEC seeks permanent ban, fine for Bahadoorsingh

2022-08-18 20:54 ET - Street Wire

Also Street Wire (U-MMNT) Momentus Holdings Corp
Also Street Wire (U-UNEQ) Uneeqo Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has asked for a permanent ban and $459,017 in sanctions against Vancouver's Amar Bahadoorsingh for his part in a scheme with a pair of OTC Markets listings. (All figures are in U.S. dollars.) The SEC claims that he and another Vancouverite, Vincenzo Carnovale, hid large blocks of shares offshore and unloaded them during a paid promotion. The men realized at least $788,000 in gains as investors were promised returns of up to 1,000 per cent, the SEC says.

The penalties for Mr. Bahadoorsingh are contained in a proposed judgment the SEC filed on Aug. 13, 2022, in federal court in Boston. The SEC is asking that the judge order him to disgorge his gains, which the regulator has calculated to be $231,020, plus interest of $20,814. The SEC is also asking for a $207,183 fine and for a permanent penny stock ban.

The penalties, should the SEC win them, would be by default, as Mr. Bahadoorsingh has failed to answer the charges. He initially hired a lawyer to discuss a settlement with the SEC, but those talks failed to resolve the case. Mr. Bahadoorsingh subsequently indicated to the SEC that he did not intend to answer the charges.

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