The executive director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that three B.C. men sold shares in a computer hardware company without being registered.
The notice alleges that Nizam Dean, Daljinder Nagra and Vikash Sami marketed and distributed shares of Saafnet Canada Inc., a company whose primary business was to build and market computer hardware.
Saafnet has never filed a prospectus in B.C., and Dean, Nagra and Sami have never been registered to trade securities.
During the relevant period, Saafnet was operating as Alphashield, a sole proprietorship registered in B.C.
The notice alleges that between June 2000 and May 2008, Dean, Nagra and Sami organized presentations, met with investors, marketed shares of Saafnet and distributed shares to the investors, raising $1,635,204 and US$1,677,248 from 72 investors.
During the period in question, Dean was a director and founder of Saafnet and represented himself as a senior vice-president of AlphaShield, while Sami was a director and founder of Saafnet and represented himself as the CEO of AlphaShield. Nagra, a shareholder in Saafnet, promoted and sold shares to investors in his capacity as a consultant to Saafnet.
These allegations have not been proven.
