A Coquitlam man who raised and then gambled with more than a quarter of a million dollars from investors has settled his securities fraud case with the British Columbia Securities Commission (BCSC).
Shayne William Sharma told investors that he needed funds to exercise stock warrants, and that he planned to sell those shares at a premium. He raised around $257,500 from 21 B.C. residents on the promise that he would net them a 25% return in 45 days.
Sharma instead used those funds to gamble.
Sharma’s misconduct, which constitutes fraud under B.C.’s Securities Act, was aggravated by the fact that he forged a letter from BCSC in an attempt to delay payments to investors, and to dissuade them from bringing forward complaints.
According to the BCSC, Sharma has already returned $160,000, and has agreed to repay all investors in full by January 2026.
He is also required to pay the BCSC $25,000, and is permanently banned from engaging in a number of market activities, including trading in or purchasing securities or derivatives, unless through a registered dealer.
Should Sharma default on the terms of his settlement, he will be required to pay the BCSC $95,600 – the amount he received from his misconduct.
