Aside from other outstanding prosecutions, the man faces new charges under the Securities Act
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A Vancouver man, who has previously been found guilty of fraud under numerous aliases, has been arrested under new charges.
Ayaz Dhanani — also known as Alex Dhanani, Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos and Rahim Jiwa — was arrested in Vancouver on Oct. 2 after an investigation by the Criminal Investigations Branch of the British Columbia Securities Commission (BCSC). The Vancouver Police assisted in arresting Dhanani, who is in custody pending a bail hearing.
According to a statement from the BCSC, Dhanani is facing multiple charges under the Criminal Code and the Securities Act. Dhanani allegedly violated the Criminal Code by committing fraud and theft in excess of $5,000, and failing to comply with a condition of his release on other prosecutions that stemmed from prior investigations by several agencies, including the BCSC.
Under the Securities Act, Dhanani stands accused of distributing securities without a prospectus, giving undertakings relating to the future value or price of a security, making misrepresentations, and acting as an advisor without being registered.
He also allegedly traded in securities, directly violating a BCSC order that was issued in Dec. 16. The commission had found that Dhanani defrauded three BC investors of $188,800, and issued several permanent prohibitions against him. Aside from being banned purchasing and trading in any securities for life, he is also prohibited from engaging in investor relations activities and becoming or acting as a director or officer at any issuer or registrant.
The order also required Dhanani to pay $188,800 in disgorgement, and $225,000 as an administrative penalty. According to the BCSC website, the commission has received $120,000 from him as of Feb. 23.
For more of Wealth Professional's latest industry news, click here.
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Ayaz Dhanani — also known as Alex Dhanani, Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos and Rahim Jiwa — was arrested in Vancouver on Oct. 2 after an investigation by the Criminal Investigations Branch of the British Columbia Securities Commission (BCSC). The Vancouver Police assisted in arresting Dhanani, who is in custody pending a bail hearing.
According to a statement from the BCSC, Dhanani is facing multiple charges under the Criminal Code and the Securities Act. Dhanani allegedly violated the Criminal Code by committing fraud and theft in excess of $5,000, and failing to comply with a condition of his release on other prosecutions that stemmed from prior investigations by several agencies, including the BCSC.
Under the Securities Act, Dhanani stands accused of distributing securities without a prospectus, giving undertakings relating to the future value or price of a security, making misrepresentations, and acting as an advisor without being registered.
He also allegedly traded in securities, directly violating a BCSC order that was issued in Dec. 16. The commission had found that Dhanani defrauded three BC investors of $188,800, and issued several permanent prohibitions against him. Aside from being banned purchasing and trading in any securities for life, he is also prohibited from engaging in investor relations activities and becoming or acting as a director or officer at any issuer or registrant.
The order also required Dhanani to pay $188,800 in disgorgement, and $225,000 as an administrative penalty. According to the BCSC website, the commission has received $120,000 from him as of Feb. 23.
For more of Wealth Professional's latest industry news, click here.
Related stories:
The challenges of getting a new fund to market
Three-time fraudster permanently banned
