BCSC claims Deyrmenjian stashed assets with relatives
2026-03-12 20:09 ET - Street Wire
Also Street Wire (U-KNKT) Kunekt Corp
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by Mike Caswell
The B.C. Securities Commission has filed a court case against Garo Deyrmenjian, a Vancouver man fined for the 2011 manipulation of Kunekt Corp., claiming that Mr. Deyrmenjian fraudulently conveyed several assets to avoid paying the BCSC. The assets listed by the BCSC include two properties in Vancouver along with a Maserati Gran Turismo. According to the BCSC, Mr. Deyrmenjian transferred the assets to family members and has failed to pay $7.8-million in sanctions.
The allegations from the BCSC come as a footnote to its case against Mr. Deyrmenjian and others for the manipulation of Kunekt, a stock that went to $2.89 amidst misleading claims about a smartphone business. According to the BCSC, the group touted Kunekt as "the next Apple" while unloading shares. The BCSC ordered Mr. Deyrmenjian to disgorge $7.14-million in gains, plus a $700,000 fine. Mr. Deyrmenjian unsuccessfully appealed the sanctions, losing in 2024.
The present case centres around the BCSC's efforts to collect the money. In a notice of claim filed at the Vancouver courthouse on Tuesday, March 10, the BCSC sets out how Mr. Deyrmenjian had interests in two properties in Vancouver. The properties were located on West 38th Avenue and East 35th Avenue.
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Well, without even looking at what the transferred real estate would be worth in last year's market, surely a 2011 manipulation which has cluttered up the BCSC and BC court systems until 2024 was a wee bit slow moving?
BCSC records indicate that in March of 2019, the panel ordered that Deyrmenjian must disgorge $7.14 million, plus pay an administrative penalty of $700,000.
The BCSC also ordered that Khorchidian disgorge $7.15 million, representing the net proceeds he received from trading in Kunekt shares in accounts beneficially owned by him, and that he pay an $850,000 administrative penalty.
Alas, the BCSC's unpaid penalties listing shows that Mr. Khorchidian also has an unpaid amount owing, with no record showing that he has paid or is paying any of the balance owing.
On the plus side, the BCSC does charge interest on unpaid fines, but isn't that just rubbing salt into the public's wounds when the accrued interest is also unpaid?
Posted by halcrow at 2026-03-12 22:17