The B.C. Securities Commission is alleging two B.C. residents used foreign and out-of-province corporate entities to conduct unregistered trading of securities of two public companies the regulator is not naming.
Tajkarim Mohamed, of North Vancouver and Aly Ismail, of Revelstoke never had the required registered exemptions to solicit approximately $12.2 million worth of trades, for which they received just over $1 million in finder’s fees, the commission states in a hearing notice signed by executive director Peter Brady Oct. 24.
Mohamed allegedly used Hong Kong-registered Lacie Holdings Ltd. and Space Cloud Empire Limited, formerly known as CE Star Holdings Limited to enter into finder’s fee agreements with “Issuer A” and “Issuer B.”
Ismail used Alberta-registered NH Transcendental Business Solutions Inc. and federally-registered Green Stream Botanicals Corp. in his business partnership with Mohamed.
“Mohamed, directly and through Lacie and CE Star, and Ismail, directly and through NHT and GSB, engaged in acts in furtherance of trades of securities of Issuers A and B including by referring prospective investors, facilitating investments and acting as intermediaries,” the commission stated.
Mohamed received about $758,000 for his trades and related activity and Ismail received about $$283,000 for his activity, in 2018.
The two face allegations they violated the B.C. Securities Act and will have a hearing date set on Dec. 13, the commission stated. Those allegations remain unproven unless proven by a panel of commissioners.
