The notice alleges that
BCSC staff maintains that the shares were never purchased, and that Dhala committed a fraud by taking at least
-- making cash withdrawals and email money transfers of over
salon, restaurants, groceries, credit card, life insurance and MSP payments.
When investors became concerned that Dhala had not purchased the shares, they asked him to return their principal. However, Dhala did not return their funds. Instead, he:
-- promised one investor he would use their funds to trade in foreign
exchange, but he did not;
-- told a second investor he would return the investor's funds when his
bank account was unfrozen by the BCSC, but his account had never been
frozen by the BCSC; and
-- wrote a cheque to a third investor purportedly to return the investor's
principal, but the cheque bounced.
The notice also alleges that Dhala lied to commission staff during an interview while under oath. During the interview, Dhala stated that he dealt with only one investor, which was not true. Dhala had received
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of
-- A securities market that is fair and warrants public confidence -- A dynamic and competitive securities industry that provides investment
opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org.
FOR FURTHER INFORMATION PLEASE CONTACT: Media Contact:
Richard GilhooleyMedia Relations 604-899-6713 Public Inquiries: 604-899-6854 or 1-800-373-6393 (toll free) Source: British Columbia Securities Commission