Carlos Da Silva, Sei-Jin Ki and Kamal Singh “Bobby” Athwal, have been charged with fraud, trading without registration and trading securities without a prospectus, the Ontario Securities Commission announced Tuesday.
Additionally, Da Silva is charged with trading securities while banned by the commission. He was permanently banned by the OSC back in 2008.
The trio are “business associates who sold approximately $140,000 worth of securities in Toronto Scientific Medtech Inc. to Ontario investors between May 1, 2016 and June 30, 2017,” the OSC alleges in a news release.
The allegations have not been proven. The three men are due to appear in a Toronto court on Dec. 4.
The charges follow an investigation by the OSC’s Joint Serious Offences Team, an enforcement partnership between the OSC, the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch.