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SEC bans, fines Burnaby's Jumani over OncoSec sales

2023-05-23 20:36 ET - Street Wire

Also Street Wire (U-ONCS) OncoSec Medical Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has permanently banned Burnaby accountant Shrizali Jumani, citing him for a scheme in which he improperly unloaded $1-million worth of shares in an OTC Markets listing over a seven-year period. (All figures are in U.S. dollars.) The SEC claims that Mr. Jumani sold the stock on behalf of Avtar Dhillon, who was the chairman of that company and would have been required to disclose his holdings. Mr. Dhillon previously pleaded guilty to separate criminal charges arising in part from those share sales.

The ban for Mr. Jumani is contained in an administrative order that the SEC released on Monday, May 22. The order permanently bars him from penny stocks and from committing any future violations. He must also pay a $25,000 fine. The penalties represent a negotiated settlement, in which Mr. Jumani has not admitted any wrongdoing.

The sanctions arise from a scheme in which Mr. Jumani agreed to sell shares of OncoSec Medical Inc., a company that claimed to be developing cancer treatments. According to the SEC, Mr. Jumani had an arrangement with Mr. Dhillon, who was to receive a block of shares as a founder of the company. The SEC claims that the men set up a way for Mr. Dhillon to secretly sell those shares by putting them into a numbered company that Mr. Jumani controlled.

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