A Vancouver man who was handed a lifetime securities trading ban last year has been arrested, the BC Securities Commission (BCSC) announced this week.
Ayaz Dhanani, who has used multiple aliases, was arrested October 2 by the Vancouver Police after an investigation by the BCSC’s criminal investigation branch. He is facing several charges, including trading in securities in breach of his lifetime ban, distributing securities without a prospectus, making misrepresentations and acting as an adviser without being registered. As well, he is alleged to have committed fraud and theft in excess of $5,000 and failure to comply with other terms of release for previous prosecutions.
Last year, Dhanani was found to have defrauded three investors of $188,800 in 2013. The investors had been told they would receive shares in a number of junior mining companies that turned out to be fictional. He was ordered to repay the amounts and was fined $225,000. The BCSC said Dhanani has since repaid a portion of the amounts owing to his victims, but he has not paid the administrative fine.
Some of Dhanani’s aliases include Alex Dhanani, Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos and Rahim Jiwa.
Dhanani is in custody and is awaiting a bail hearing. The BCSC said no trial date has been set.
- With files from Nelson Bennett
@EmmaHampelBIV
