BCSC fines, bans formerly registered B.C. man for unregistered trading

By Staff | September 5, 2018 | Last updated on September 5, 2018
1 min read

A formerly registered man and his company have been banned and fined $100,000 by a British Columbia Securities Commission (BCSC) panel for unregistered trading. The man must also disgorge $389,309—the amount the panel found he benefited from the contraventions.

Between October 2010 and September 2014, Prabhjot Singh Bakshi and his company SBC Financial Group Inc. breached the Securities Act by trading in loans and issuing securities, a BCSC release says.

Bakshi was previously securities-registered in various categories but not during the relevant period. SBC wasn’t registered and was dissolved in November 2016.

The BCSC panel found that Bakshi and his company offered investors two different products: an interest-bearing loan arrangement and a land transaction in Hawaii. Through the former, investors were promised returns varying from 5% to 30% with maturity dates varying from two months to five years, says the decision document. Further, no prospectus was filed for the sale of securities.

The BCSC says trading in loans totalled $2,675,238, and securities issuances totalled $1,535,238.

In addition to the disgorgement and administrative penalty, Bakshi must resign any position he holds as director or officer of an issuer or registrant.

He’s banned for 10 years from trading securities (except in a personal, registered account); acting as director, officer, registrant, promoter or securities consultant; and engaging in investor relations.

SBC is banned for the same period.

Read the full decision.

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.