In the matter ofย THE MOTOR DEALER ACT R.S.B.C.1996 C.316 andย THE BUSINESS PRACTICES AND CONSUMER PROTECTION ACT S.B.C. 2004 c.2
Complainant:ย 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 Registrarโs 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.
