The sole director of SBC Financial Group Inc. will soon be facing a BC Securities Commission panel to answer charges he distributed securities illegally.
The BCSC alleges Prabhjot Singh Bakshi, SBC’s sole officer and director, sold $3 million of securities of the B.C. company without being registered, meaning the securities were distributed illegally.
The company has never filed a prospectus relating to its securities.
“Bakshi controlled SBC and its bank account, prepared and signed SBC documents provided to investors and raised money from investors for SBC directly and through two finders, to whom he paid commissions,” the BCSC said in a press release.
“Although he was registered under the Act from 2000 to 2009, Bakshi was not registered at the relevant time.”
The BCSC said it will apply to set a hearing date of March 31. None of the allegations has been proven.
@EmmaHampelBIV
