The B.C. Securities Commission (BCSC) issued a notice of hearing August 23 alleging five individuals gave false or misleading statements during an investigation with commission staff.
Between August 26, 2009 and March 5, 2010, the commission interviewed Parvin Kaur Dhudwal, Amrik Singh Bahd, Kulbir Singh (Kelly) Uppal, Gurpreet Kaur Jhutty and Paul Uppal regarding share purchases in Sungro Minerals Inc., a Nevada-incorporated company and a B.C. reporting issuer formerly based in Surrey.
The BCSC was investigating alleged suspicious trading activity in Sungro shares, which are quoted on the U.S. OTC Bulletin Board.
Each of the respondents had become a Sungro shareholder, purportedly investing US$2,375 to acquire the company’s shares in a September 2007 offering where 4.75 million shares were issued to 40 B.C. residents.
During the investigation, the BCSC asked whether they had received money to pay for their shares. Each respondent denied the claim; a statement the BCSC alleges as false or misleading.
The allegations have yet to be proven, but a hearing has been set for September 7 to address the allegations.