VSA

Registrar's Decision

Registrar's Decision 09-111523

File Number: 09-111523

In the matter of THE MOTOR DEALER ACT R.S.B.C.1996 C.316
and THE BUSINESS PRACTICES AND CONSUMER PROTECTION ACT S.B.C. 2004 c.2

Complainant: REGISTRAR

Licensee/Unlicensed person:

ANWAR BADSHAH

Issues:

  • An anonymous tip to the Authority and a subsequent investigation found the salesperson pled guilty to 3 counts of fraud over $5,000.
  • The investigation also noted compliance action taken against the salesperson by the BC Securities Commission involving a Ponzi scheme and unlicensed activity.
  • The salesperson did not declare to the Authority that he was under investigation for a crime or other offence, or that he was charged with a crime or other offence as required.
  • A Registrar’s hearing was held as the Authority proposed to cancel or suspend the salespersons licence.

Outcome:

  • The interim order of the B.C. Securities Commission noted the salesperson engaged in unlicensed activity involving securities.
  • The BC Securities Commission order noted the salesperson constructed a Ponzi scheme involving some 150 persons and $2.2 million.
  • The salesperson was convicted of fraud over $5,000 contrary to the Canadian Criminal Code.
  • The salesperson falsified his application materials to the Authority.
  • The salespersons licence was cancelled and no application would be accepted from the salesperson until after April 1, 2014.
  • Any future application would be assessed under the facts that exist at that time and a salesperson licence would not automatically be issued.

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