British Columbia Securities Commission

British Columbia Securities Commission

February 21, 2012 16:26 ET

BCSC Panel Freezes Assets of Former Financial Planner

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) - 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 brokerage accounts.

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,, 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.

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).

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Contact Information

  • British Columbia Securities Commission
    Richard Gilhooley
    604-899-6713 or (Canada) 1-800-373-6393