02:37:00 EDT Wed 07 Jun 2023
Enter Symbol
or Name

Login ID:

SEC seeks court order for Rayat's accountant

2023-03-20 20:24 ET - Street Wire

Also Street Wire (U-RCAR) Renovacare Inc

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has come to Vancouver seeking a court-ordered deposition of Harmel Singh Rayat's accountant, Mary Ellis. The SEC claims that Ms. Ellis has evidence relating to Mr. Rayat's profits from a pump-and-dump on the OTC Markets from 2018. He and others boosted a company called Renovacare Inc., which had a supposed burn healing device called the "SkinGun."

The request from the SEC is contained in a petition filed in the Supreme Court of British Columbia on Friday, March 17. The SEC is seeking a court order that would direct Ms. Ellis to attend a deposition of 13.5 hours in length (presumably spread over more than one day) at a location in Vancouver. The deposition would be recorded and transcribed so as to form part of the evidence in the SEC's case against Mr. Rayat and others.

The SEC's petition does not state exactly what the regulator intends to ask Ms. Ellis, but it does say that she came up with an "estate planning transaction" that Mr. Rayat used to obtain profits from the scheme. The SEC also says that her present and former employers, MNP LLP and Deloitte LLP, have records relevant to the case. It is seeking the court-ordered production of those records as part of the petition.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2023 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

Seems every day there is a scam involving East Hindi's F the system

Posted by sequential at 2023-03-21 12:20