VANCOUVER, Feb. 21, 2012 /CNW/ - A British Columbia Securities
Commission panel has revoked a freeze order against a former financial
planner and has issued new freeze orders on his retirement savings and
On January 31, 2012 the BCSC issued an order freezing a chequing account
belonging to Arvindbhai Bakorbhai Patel (aka Arvin Patel), a B.C.
resident. The BCSC also filed liens against real estate properties
owned by Patel.
At a hearing on February 18, Patel asked the panel to revoke the freeze
order and to remove the liens.
At the hearing, BCSC staff produced evidence that Patel also has two
retirement accounts and a brokerage account.
The panel revoked the freeze order against Patel's chequing account on
certain conditions and issued new freeze orders against his retirement
savings and brokerage accounts. It did not remove the liens.
The orders were made in connection with an investigation into certain
activities of Patel, Rashida Samji, and Samji & Assoc. Holdings Inc.
Staff is investigating whether those activities contravened the Securities Act. The investigation is in its early stages. The BCSC has made no
allegations against Patel, Samji, or Samji Holdings, and has not issued
a notice of hearing.
The panel has directed Patel and BCSC staff to appear before it on April
2, 2012 at 10:00 am so that BCSC staff can update the panel on the
investigation as it relates to Patel, with particular reference to the
public interest in maintaining the freeze orders and the liens.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the decision on our website, www.bcsc.bc.ca, by typing Arvindbhai Bakorbhai Patel, Arvin Patel or 2012 BCSECCOM 53
in the search box. Information regarding disciplinary proceedings can
be found in the Enforcement section of the BCSC website.
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
For further information:
For media enquiries, contact Richard Gilhooley, media relations, 604-899-6713.For public enquiries, call 604 899 6854 or 1 800 373 6393 (toll free).