The B.C. Securities Commission alleges the scheme was carried out between 2017 and 2019.
The B.C. Securities Commission has alleged six Metro Vancouver residents, including a former securities lawyer, orchestrated a pump-and-dump scheme across three Vancouver-based companies, netting approximately $46 million.
The group, together and separately, obtained cheap shares of the companies and then concealed their control of them via relatives, corporations, and nominees. The group then coordinated misleading news releases and promotional campaigns to increase interest in the stock before selling those concealed shares during the promotions, for net proceeds of $46 million.
As alleged, in July 2015 the group began accumulating a large share position of health-care technology firm Reliq Health Technologies, which had been trading on the TSX Venture Exchange and over-the-counter markets in the United States. They did so by replacing Reliq's board of directors and CEO with nominees under their control, as Amandeep Thindal became CFO and the bank signatory. By September 2017, the group amassed about a quarter of the company’s 68.
While Reliq reported about $2 million in revenue from its “patient monitoring platform” during the alleged promotional period it had, in fact, only collected $51,540 or about 2.6 per cent of that amount, the commission noted. “The Respondents installed nominees as directors and officers of Integrated, including Kumar’s brother, who was also a bank signatory. The directors and officers followed the Respondents’ instructions with respect to the company. A. Thindal was also a bank signatory for Integrated,” the notice states.
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