News Release

Vancouver – A British Columbia Securities Commission panel has fined and permanently banned a former mutual fund salesperson from B.C.’s capital markets for defrauding an Alberta resident out of $11,050 after meeting her on the internet.

In its decision, the panel found that Ajit Singh Basi, a 24-year-old B.C. resident, broke securities laws and perpetrated a fraud when he advised a woman he met on the internet that he could purchase shares in a company at a discounted price. After months of correspondence, he instructed the woman to deposit $15,500 into his bank account. Basi then used $11,050 of the woman’s money for personal use, such as settling outstanding debts. The woman subsequently recovered only $4,450 after complaining to Basi’s bank about the investment.

In its decision, the panel ordered that Basi be permanently prohibited from purchasing securities or exchange contracts and acting as a director or officer of any issuer. He must also resign any position he holds as a director or officer of any issuer.

Basi is also permanently banned from becoming or acting as a registrant, investment fund manager, or promoter, from acting in a management or consultative capacity in connection with the securities market, and from engaging in investor relations activities.

The panel also ordered that Basi repay the $11,050 he obtained as a result of his misconduct, and issued a $100,000 fine against him.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing Ajit Singh Basi or 2011 BCSECCOM 573 in the search box.  Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).

If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).

Learn how to protect yourself and become a more informed investor at www.investright.org