The BC Securities Commission (BCSC) has issued a temporary order and notice of hearing alleging that five B.C. residents manipulated the market, resulting in an artificial share price for a company that was listed on the TSX Venture Exchange.
The notice alleges that Thalbinder Poonian, Shailu Poonian, Robert Leyk, Manjit Sihota and Perminder Sihota participated in a scheme to manipulate the share price of OSE Corp., an Ontario company with a head office in Delta.
BCSC staff contend that the named individuals, as well as some relatives, friends and associates of Thalbinder and Sharon Poonian, acquired a dominant share position in OSE by private placement. The BCSC further claims that the group traded through brokerage accounts held by them, manipulating OSE’s share price to a high near $2 a share.
The regulator alleges that the group made approximately $7 million by selling shares to unsuspecting clients of Richmond Hill, Ontario-based Phoenix Credit Risk Management Consulting Inc.
These allegations have not been proven.
The BCSC issues temporary orders in situations where the length of time required to hold a hearing “could be prejudicial to the public interest.”
