Le Lézard
Classified in: Business
Subject: LAW

Medical device company's officer and director admits to misrepresentations


VANCOUVER, BC, Oct. 25, 2023 /CNW/ - A now-dissolved medical device company and its sole officer and director have paid $70,000 to the B.C. Securities Commission (BCSC) for misrepresenting aspects of the company's finances, the status of its intellectual property and regulatory approval, and the ways it would use investors' money.

The company, Lenis Medicals Ltd., and the officer and director, Hassan Seyed Salari of Vancouver, were developing a new technology for injecting medication.

Lenis raised about $1.9 million from 11 investors in 2018 using an offering document that contained several untrue material statements or omissions of material facts:

Salari must resign as a director or officer of any issuer or registrant (other than an issuer owned by his family's trust). He is prohibited for seven years from:

Salari also will consent to orders of any other Canadian securities regulator that are based on the BCSC's order.

About the B.C. Securities Commission (www.bcsc.bc.ca)

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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