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by Mike Caswell
The U.S. Securities and Exchange Commission says it has been unable to physically locate Amar Bahadoorsingh, the Vancouver-area man charged for a $2.2-million scheme on the U.S. markets. (All figures are in U.S. dollars.) The SEC claims that Mr. Bahadoorsingh dumped shares of Aureus Inc., a supposed Montana gold explorer, making the sales through nominees. The sales came amidst a promotion that included a Colombian boiler room, the SEC said.
As with all civil cases, one of the SEC's priorities is to find the defendant and serve him with a copy of its complaint. Unlike criminal matters, the SEC has no power to extradite foreigners. Before a judge will consider sanctions such as a ban or a fine, the SEC must either serve the defendant or receive permission to notify the defendant through other means, such as through e-mail or publication in a newspaper.
In the case of Mr. Bahadoorsingh, the SEC says it has gone to some effort to find him. In a motion filed on Tuesday, Oct. 26, the regulator describes those efforts. According to the motion, the SEC tracked Mr. Bahadoorsingh to an address on 22A Street in Surrey, and had a deputy with the B.C. Sheriff Service attend that address. The deputy reported that he spoke with a female occupant of the house, who told him that Mr. Bahadoorsingh was in Europe doing business.
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