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by Mike Caswell

The B.C. Securities Commission has found a group of Vancouver-area men led by Langley's Kamaldeep Thindal liable for the pump-and-dumps of two listings in 2017. The group conducted a "significant and sustained campaign" to boost Block One Capital Inc., a TSX Venture Exchange listing that went to a $1.85 high amidst the scheme. Among other things, Block One touted a deal to acquire a cryptocurrency miner that would supposedly have $7.8-million (U.S.) in annual revenue.

The findings are contained in a decision that the BCSC released on Wednesday, Jan. 21. The decision only deals with liability, and the BCSC will convene a separate hearing to determine penalties for the scheme. In addition to Mr. Thindal, the BCSC has found his brother, Amandeep, and an associate, Yazan Al Homsi, liable for the scheme.

Wednesday's penalty comes over eight years after the events at issue, which the BCSC set out in a notice of hearing dated July 21, 2023. The case centred in part on misleading news releases and other promotional materials that the men issued in which they touted Block One as a cryptocurrency company. Block One supposedly had a deal to acquire 90 per cent of a private entity for $2.91-million (U.S.), with that entity planning to set up 1,000 cryptocurrency miners that would produce annual revenue of $7.81-million (U.S.).

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