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by Mike Caswell

The B.C. Securities Commission has imposed a 20-year ban on Avtar Dhillon, the Vancouver man who pleaded guilty to criminal charges in the United States arising from the fraudulent sale of shares in two OTC Markets listings. The BCSC says that Mr. Dhillon's conduct was "very serious" and that it involved "significant planning and deception." Among other things, he hid his shareholdings in one company and hid the fact that he was responsible for touting another.

The ban for Mr. Dhillon, 65, is contained in an order that the BCSC released on Monday, Oct. 19. The regulator has barred him from trading, with some exceptions for trades done through a registered portfolio adviser, and from serving as an officer or director. He is also banned from any promotional activities.

While Mr. Dhillon has primarily lived in California since 2001, he asked that the BCSC not entirely ban him. He sought "carve-outs" to any BCSC order that would allow him to remain a director of what he said was a family-owned entity. He also sought a ban of 15 years in length (with BCSC enforcement staff seeking a permanent ban).

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