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by Mike Caswell

Vancouver's Avtar Dhillon has asked a Boston judge to spare him jail for his part in a $2.19-million scheme in which he defrauded shareholders in two OTC Markets listings. (All figures are in U.S. dollars.) He says that the fraud represents his first offence, and that he has already been ordered to pay $10.5-million in related civil proceedings. He claims to have "gone down a path of personal gain that he has come to deeply regret."

The request from Mr. Dhillon, 63, comes as part of a case in which he secretly unloaded shares in two companies amidst paid promotional campaigns, generating $2.19-million for himself and an associate. The stock was partly held in the name of a non-descript B.C. company, according to prosecutors. There was no trial for Mr. Dhillon, as he pleaded guilty and agreed to hand over the money that he made.

With his sentencing date approaching, Mr. Dhillon filed a memorandum on Wednesday, Nov. 27, setting out the reasons that he should not go to prison for the fraud. Mr. Dhillon says that he has "reflected deeply on his conduct" and is "full of genuine remorse." He is looking to "rebuild and repair the relationships in his life," he explains.

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