VANCOUVER, Nov. 29 /CNW/ - The Executive Director of the British Columbia
Securities Commission has issued a temporary order and notice of hearing
against the president and CEO of a Vancouver-based investor relations firm
alleging the distribution of approximately $2.2 million of promissory notes to
at least 150 investors was an investment scheme.
The notice of hearing states that Anwar Badshah is the principal of
Badshah Communications Group Ltd. (BCG), an investor relations and corporate
communications firm that promotes third-party publically traded companies.
Badshah is the company's CEO, president, secretary and treasurer.
The notice alleges Badshah and BCG committed fraud by operating an
investment scheme since at least April 2005 involving the sale of securities
in the form of promissory notes typically guaranteeing investors 100 per cent
returns. Other allegations against Badshah include illegal distribution,
unregistered advising and misrepresentations to investors and potential
The notice states the respondents are not registered under the Securities
Act, nor has a prospectus ever been filed in B.C. for the distribution of the
promissory notes. It also alleges money received from investors to buy
securities was used to pay personal expenses and to make payments to early
investors in the investment scheme.
These allegations have not been proven. A hearing will be held on the
12th Floor Hearing Room, 701 West Georgia Street, Vancouver, B.C., on Dec. 11,
2007 at 10:00 a.m. At the hearing, counsel representing the Executive Director
will ask the Commission to extend the temporary order.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the province.
You may view notices of hearings on our website www.bcsc.bc.ca. If you have
questions, contact Ken Gracey, Media Relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education
For further information:
For further information: Ken Gracey, (604) 899-6577, or (B.C. & Alberta)