VANCOUVER, BC, Oct. 25, 2023 /CNW/ - Two B.C. men and their companies facilitated investments of approximately $12 million without being registered, the B.C. Securities Commission (BCSC) alleges.
Tajkarim Mohamed and Aly Ismail, personally or through their companies, entered into finder's fee agreements with two issuers, under which the issuers would pay fees to the men and their companies to introduce them to investors. In some instances, Mohamed and Ismail partnered with each other and agreed to split the finder's fees.
By referring prospective investors, facilitating investments and acting as intermediaries, Mohamed and Ismail engaged in acts in furtherance of securities trading, the BCSC alleges. Neither they nor their companies were registered under B.C.'s Securities Act.
Mohamed, of North Vancouver, and his two companies facilitated 66 distributions of securities of $12 million between 2018 and 2020, and received about $758,820 in cash and shares as compensation. Ismail, who resided in Revelstoke at the time of the alleged misconduct, and his companies facilitated 51 distributions of securities of $3.29 million in 2018, and received as compensation about $283,226 in cash and shares, as well as 38,000 warrants that he did not exercise.
The BCSC's allegations have not been proven. The Commission requires Mohamed, Ismail and their companies or their counsel to appear at the BCSC's offices on December 13, 2023 if they wish to be heard before a hearing is scheduled.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
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