Five B.C. investors manipulated the share price of a company trading on the TSX Venture Exchange and left a group of victims – including many deeply indebted clients of an Ontario credit counselling agency – holding worthless shares, a British Columbia Securities Commission ruling has concluded.
The BCSC issued a decision Wednesday concluding that Thalbinder Poonian was the “mastermind” of a sophisticated scheme to manipulate the share price of OSE Corp., a small oil and gas exploration company, to reap millions in profits for himself, his family members and a group of friends.
Mr. Poonian, along with his wife Sharon Poonian and three other investors named in the case, earned over $7-million after buying a majority of OSE shares, engaging in various strategies to boost the trading price of the securities, and then selling them to unsuspecting buyers, the BCSC ruled.
Janet McFarland – Globe and Mail – September 10, 2014.
Want More Investigative Content?
