|By Marketwired .||
|June 24, 2014 01:45 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/24/14 -- The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that a North Vancouver man defrauded four investors and lied to a commission investigator.
The notice alleges that Hussain Dhala, a self-employed day trader, told four investors that he had an investment opportunity and could purchase shares for them in a private placement offered by an exchange issuer. At Dhala's instruction, the investors gave him $38,250 to purchase the shares.
BCSC staff maintains that the shares were never purchased, and that Dhala committed a fraud by taking at least $33,400 for himself by:
-- making cash withdrawals and email money transfers of over $26,900; and -- paying $6,500 of his personal expenses for limousine services, gas, hair 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 $38,250 from the four investors prior to the date of the interview.
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 July 22, 2014 at 9:00am.
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing Hussain Dhala or 2014 BCSECCOM 196 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
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 Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia 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:
-- 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.
604-899-6854 or 1-800-373-6393 (toll free)
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