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News Release

Misleading BCSC investigators leads to fines and six-year bans

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Vancouver – The British Columbia Securities Commission has fined five individuals a total of $25,000 and banned them for six years after they each admitted to giving false or misleading statements in a BCSC investigation into suspicious trading in Sungro Minerals Inc., a company quoted on the U.S. OTC Bulletin Board.

BCSC investigators separately interviewed Parvin Kaur Dhudwal, Amrik Singh Bahd, Kulbir Singh Uppal (a.k.a. Kelly Uppal), Gurpreet Kaur Jhutty, and Paul Uppal. When questioned, each respondent claimed to have paid for Sungro shares. In a settlement agreement, the respondents admitted that they had been reimbursed for their share purchases and that they had made false or misleading statements to BCSC investigators.

The five respondents also admitted to meeting with unnamed individuals who gave them Sungro share certificates prior to their investigative interviews and who instructed them, if asked, to tell BCSC investigators that they had received them on earlier dates.

The investigation into the trading of Sungro shares remains ongoing. On Sept. 25, 2009, a commission panel extended the temporary order against Sungro until a hearing is held and a decision is rendered.

Under an order, the five respondents are prohibited, with limited exceptions, from purchasing or trading securities, or from becoming or acting as an officer or director for six years. For the same period, they are also prohibited from becoming or acting as a promoter, acting in a management or consultative capacity in connection with activities in the securities market, and engaging in investor relations activities.

As part of the settlement agreement, Kulbir (Kelly) Uppal and Paul Uppal each paid $7,500, and Gurpreet Jhutty and Amrik Bahd each paid $5,000 to the BCSC. Parvin Dhudwal has no reasonable prospect of paying $5,000 that would have otherwise have been assessed in this matter.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement agreement on our website by typing in the search box the name of a respondent or 2010 BCSECCOM 621 New window. If you have questions, contact Ken Gracey, media relations, 604-899-6577.

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