News Release

Vancouver – The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that a 24-year-old B.C. man defrauded an Alberta resident out of $11,050 after meeting her on the Internet.

The notice of hearing says that, Ajit Singh Basi, 24, corresponded with a woman for several months after meeting her on the Internet in 2009, leading her to believe he was a stockbroker with a large North American client base. 

On Dec. 22, 2010, Basi, who is a former mutual fund salesperson, allegedly advised the investor that he had an investment opportunity for her, and instructed the woman to deposit $15,500 into his bank account. The investor later contacted Basi’s bank with some concerns about the investment. The bank subsequently returned $4,450 of her funds.

The notice alleges Basi told the investor he would return the remaining $11,050, but failed to do so. It also alleges that he converted this money to his personal use, including at least $3,450 to pay outstanding debts in arrears. 

These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners on Tuesday, July 12 at 9 a.m.

Commission staff is encouraging anyone else who may have been in contact with Basi regarding investments to contact the BCSC at 604-899-6854 or 1-800-373-6393, or inquiries@bcsc.bc.ca.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website, www.bcsc.bc.ca. If you have questions, contact Ken Gracey, media relations, 604-899-6577.