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by Mike Caswell

The B.C. Securities Commission has filed a case against Vancouver-area promoter Jatinder (Jack) Bal, claiming that he perpetrated a fraud on investors in Goldeneye Resource Corp. in 2021. The BCSC says that Mr. Bal used $297,267 of Goldeneye's money, representing most of its treasury, for a payment unrelated to the company. When questioned about the payment, he "provided a false reason" to the chief financial officer, the BCSC claims.

The allegations against Mr. Bal are contained in a notice of hearing that the BCSC released on Friday, Aug. 14. The BCSC identifies Mr. Bal, a resident of Delta, as the chief executive officer as well as a shareholder and director of Goldeneye. At the time, Goldeneye traded on the TSX Venture Exchange and held itself out as a gold explorer in Newfoundland and B.C.

The events at issue, as set out by the BCSC, go back to early 2021, when Goldeneye had $367,589 in cash, most of which came from then-recent private placements. On Feb. 23, 2021, Mr. Bal instructed the company's CFO to transfer $297,267 from Goldeneye's bank account, the BCSC says. The purpose of the transfer was to make a property payment for another company, Cache Exploration Inc. (for which Mr. Bal was also the CEO).

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