The British Columbia Securities Commission (BCSC) has reached a settlement agreement with Alnoor Ramji. After clearing more than $8 million in a “pump and dump” scam, Ramji has agreed to pay $85,000 to the BCSC and is permanently banned from the securities markets.
Ramji used offshore nominee accounts held by friends and family to conceal his identity and the fact he owned a 16% share in Clean Power Concepts Inc., a Nevada company that was an over-the-counter reporting issuer in British Columbia. After a Montreal public relations firm (whose name the BCSC did not disclose) carried out an internet-based promotional campaign on Clean Power, Ramji sold the 35.85 million shares of Clean Power that were under his control and generated proceeds of about $8.3 million USD.
The nominee trading accounts were in the name of companies incorporated in Panama or Belize provided by Gibraltar Global Securities, a Bahamian broker/dealer firm which the BCSC permanently banned from B.C.'s capital markets in November 2012. After the stock sale, he and the nominees instructed Gibraltar to wire the proceeds to bank accounts in Hong Kong, Switzerland, Belize, and Panama, in the names of other persons.
"As part of the settlement, Ramji is permanently banned from B.C.'s securities markets," reads the BCSC notice. "He must resign any position he holds as a director and officer of any issuer and he is permanently prohibited from becoming or acting as a director or officer of any issuer or registrant. Ramji is also permanently banned from acting in a management or consultative capacity in connection with activities in the securities market and from engaging in investor relations activities."