Richmond fraudster Ayaz Dhanani has been handed a lifetime securities trading ban by the BC Securities Commission.
In 2013, Dhanani took $188,800 from three investors, who were told he was about to take a number of junior mining companies public. The victims were told they would receive shares in the companies, which were fictional. The victims never received any shares, according to the BCSC.
Dhanani was ordered to repay the amounts he took from investors and was fined $225,000. BCSC fines and repayment orders are often never paid, as the fraudster is usually broke by the time he or she is caught.
In addition to the securities fraud, Dhanani was also involved in mortgage fraud in 2014. In that case, he and disgraced realtor Dacheng (Damon) Wan—who had his realtor’s licence suspended—posed as a mortgage broker in a scam.
Dhanani has gone by a number of aliases, including Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos and Rahim Jiwa.
In addition to the financial penalties, the BCSC has permanently banned Dhanani from trading in securities, acting as a director or officer for an issuing company, or engaging in investor relations or consulting or giving advice in securities trading.
Check out BIV’s podcast for the week of December 20, 2016:
