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by Mike Caswell
The U.S. Securities and Exchange Commission has won a permanent ban and financial penalties totalling $466,619 against Vancouver's Amar Bahadoorsingh for a scheme on the OTC Markets from 2020. (All figures are in U.S. dollars.) The SEC said that he and another B.C. man, Vincenzo Carnovale, sold shares of a supposed producer of alcoholic beverages 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 claimed.
The penalties for Mr. Bahadoorsingh are contained in a judgment handed down on Friday, March 31, by a federal judge in Boston. The decision permanently bars him from penny stocks and includes a permanent injunction against future violations. The judge also ordered Mr. Bahadoorsingh to disgorge $231,020 in gains, plus interest, and to pay a $207,183 fine.
While the SEC has won the case, collecting any money from Mr. Bahadoorsingh may prove difficult, as he mostly ignored the matter. He initially hired a lawyer to discuss a settlement with the SEC, but those talks did not resolve the case. He then failed to file an answer or participate further, leading to Friday's judgment.
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Many roads seem to Sharp. Maybe his encrypted communication devices weren't as well encrypted as he had stated?
Call the BBB?
Many roads seem to lead to Sharp. Maybe his encrypted communication devices weren't as well encrypted as he had stated (hoped)?
Call the BBB?