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by Mike Caswell

The Ontario Securities Commission has begun proceedings against Toronto securities lawyer Ahmed Kaiser Akbar, claiming that he was behind a fraudulent scheme with Canadian Securities Exchange listing Solvbl Solutions Inc. in 2021. According to the OSC, he misled investors with news of a "potential game changer" of a deal between Solvbl and an entity with customers in the U.S., Europe and Asia. In reality, that entity had no revenue or customers, and had been recently incorporated by Mr. Akbar, the OSC says.

The allegations are contained in a notice of hearing that the OSC released on Thursday, May 23. The sole respondent is Mr. Akbar, a securities lawyer of 22 years. He was the legal counsel to Solvbl and became its chief executive officer on Nov. 19, 2021. He and his wife also owned more than 10 per cent of the company's shares, the OSC says.

The events at issue go back to Feb. 24, 2021, when Solvbl listed on the CSE. In the months after it listed, the company issued two news releases in which it claimed to have a deal for its product, which was based on technology for NFTs, or non-fungible tokens. Solvbl said that its product was chosen by an international technology investment firm for its ability to create NFTs "at incredible speeds and scalability." Solvbl described the firm as a "USA based technology investment company" with offices in Los Angeles and in the United Kingdom.

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