A Vancouver man is in custody facing a string of securities-related charges.
Ayaz Dhanani, who also goes by the names Michael Lee, and Samuel Ramos, is accused of fraud over $5,000 and failure to comply with terms of release on other outstanding prosecutions according to a media release from the B.C. Securities Commission (BCSC).
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Dhanani is also accused of trading in securities in breach of a Securities Commission order, and acting as an advisor without being registered, according to the regulator.
The BCSC said Dhanani was barred from buying or trading in securities or working in investor relations last December after he was found to have defrauded three B.C. investors of more than $188,000.
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He was ordered to pay back that money, along with an administrative penalty of $225,000. However, the BCSC said the initial repayment has only been partially made, while the further penalty remains unpaid.
Lee was arrested on Oct. 2 following a BCSC investigation, and is currently in custody pending a bail hearing.
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