Decisions
Thalbinder Singh Poonian, Shailu Sharon Poonian, Robert Joseph Leyk, Manjit Singh Sihota and Perminder Sihota [Findings]
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BCSECCOM #:
2014 BCSECCOM 318
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Document Type:
Findings
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Published Date:
2014-09-10
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Effective Date:
2014-08-29
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Details:
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2014 BCSECCOM 318
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Hearing
| Panel | Suzanne K. Wiltshire | Commissioner |
| George C. Glover, Jr. | Commissioner | |
| Audrey T. Ho | Commissioner | |
| Date of hearing | October 28, 29, 30, 31, November 1, 4, 5, 12 and 15, 2013 | |
| Submissions completed | February 14, 2014 | |
| Date of Findings | August 29, 2014 | |
| Appearing | ||
| C. Paige Leggat | For the Executive Director | |
| Anjalika Rogers | ||
| Thalbinder Poonian | For himself and Shailu Sharon Poonian | |
| Manjit Sihota | For himself and Perminder Sihota |
Findings
I INTRODUCTION
1. This is the liability portion of a hearing under sections 161 and 162 of the Securities Act, RSBC 1996, c. 418.
2. This is a case about the market manipulation of the shares of OSE Corp. (OSE), which traded at all relevant times on the TSX Venture Exchange. On August 2, 2012, the executive director issued a notice of hearing and temporary order under section 161(2) of the Act alleging that Thalbinder Singh Poonian (Thal Poonian), Shailu Sharon Poonian (Sharon Poonian), Robert Joseph Leyk (Leyk), Manjit Singh Sihota (Manjit Sihota) and Perminder Sihota (collectively, the Respondents) engaged in or participated in conduct relating to shares of OSE when they knew, or reasonably should have known, that the conduct resulted in, or contributed to, a misleading appearance of trading activity in, or an artificial price for, OSE shares, contrary to section 57 of the Act (2012 BCSCCOM 306).
3. On September 26, 2012, the Commission varied paragraph 3(b) of the temporary order (2012 BCSECCOM 376). On February 8, 2013, the Commission extended the temporary order, as varied, until a hearing is held and a decision rendered (2013 BCSECCOM 131).
4. Thal Poonian attended the hearing and participated on behalf of himself and his wife Sharon Poonian. He did not testify, but submitted documentary evidence, cross-examined the executive director’s witnesses, and made oral and written submissions. Sharon Poonian did not attend the hearing.
5. Manjit Sihota represented himself and his wife Perminder Sihota, and attended both the beginning and the end of the hearing. He did not testify, but made written submissions and also made oral submissions. Perminder Sihota did not attend the hearing, but made written submissions.
6. Leyk did not attend the hearing or make submissions.