A B.C. man who lost a fortune in a now-defunct computer hardware company has agreed to pay a fine for illegally selling securities in the company.
In a settlement with the British Columbia Securities Commission (BCSC), Daljinder Nagra admitted he illegally sold shares in Saafnet Canada Inc., doing business as AlphaShield Co.
Nagra invested $1 million of his own money in the company and lost the entire investment, according to the BCSC.
Nagra also sold more than $1.6 million in shares in the company to 72 investors, but never made any filings with the BCSC, which made the investment illegal.
Nagra voluntarily repaid two Saafnet investors $100,000 and has agreed to pay a $7,500 fine to the BCSC.
As part of his sanctions, he must take an officers and directors course and is prohibited from acting as a director or officer of any securities issuer for five years.
