A British Columbia Securities Commission panel has revoked a freeze order against a former financial planner and has issued new freeze orders on his retirement savings and brokerage accounts.
On January 31, the BCSC issued an order freezing a chequing account belonging to Arvindbhai Bakorbhai Patel (aka Arvin Patel), a B.C. resident. The BCSC also filed liens against real estate properties owned by Patel.
At a hearing on February 18, Patel asked the panel to revoke the freeze order and to remove the liens.
At the hearing, BCSC staff produced evidence that Patel also has two retirement accounts and a brokerage account.
The panel revoked the freeze order against Patel’s chequing account on certain conditions and issued new freeze orders against his retirement savings and brokerage accounts. It did not remove the liens.
The orders were made in connection with an investigation into certain activities of Patel, Rashida Samji, and Samji & Assoc. Holdings Inc. Staff is investigating whether those activities contravened the Securities Act. The investigation is in its early stages. The BCSC has made no allegations against Patel, Samji, or Samji Holdings, and has not issued a notice of hearing.
The panel has directed Patel and BCSC staff to appear before it on April 2, so that BCSC staff can update the panel on the investigation as it relates to Patel, with particular reference to the public interest in maintaining the freeze orders and the liens.