|By PR Newswire||
|September 2, 2014 03:16 PM EDT||
VANCOUVER, Sept. 2, 2014 /CNW/ - A British Columbia Securities Commission panel has found that a man made false statements and traded securities illegally.
The panel found that Daveed Zarr (a.k.a. Asi Lalky) made misrepresentations and breached securities laws regarding registration and prospectus requirements when he offered shares in his company, Zarr Energy Corporation, via a website he created, and through numerous Craigslist and other online postings. Zarr has never been registered in any capacity in B.C., and Zarr Energy has never filed a prospectus.
In December 2011, Zarr posted an online classified advertisement promoting the investment in the Financial Services section of Vancouver's Craigslist website. Zarr stated that investors would earn a 50% annual return if they agreed to open a foreign exchange trading account containing $250,000 and give Zarr trading authority over the account.
In response to an email inquiry from a commission investigator posing as an investor, Zarr represented that he was a "professional currency trader" and reiterated that investors would earn a 50% annual return. The panel found that both of these statements were false or misleading.
On Zarr's claims that he was a professional currency trader, the panel wrote, "Zarr admitted in his interview that he is not, and never has been, a professional currency trader. He also acknowledged that he is no good at it."
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
You may view the findings decision on our website www.bcsc.bc.ca by typing Daveed Zarr, Zarr Energy Corporation, or 2014 BCSECCOM 317 in the search box. Information regarding 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 (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
SOURCE British Columbia Securities Commission
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