British Columbia Securities Commission

British Columbia Securities Commission

September 12, 2005 09:30 ET

British Columbia Securities Commission: Commission Sanctions Promoter who Traded on Inside Information and Manipulated the Stock Market

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 12, 2005) - A stock promoter who violated securities laws by trading on inside information and manipulating the market has been banned from the capital market for six years and fined $60,000 by the British Columbia Securities Commission.

Fatir Hussain Siddiqi, of London, England, cannot trade securities, be a director or officer of any issuer, or engage in investor relations activities for at least six years. The orders will remain in effect until he pays the administrative penalty.

Siddiqi contravened the Securities Act when he traded in shares of AIS Resources Ltd. while he had inside information about AIS and by manipulating the market in AIS stock. He also violated securities laws when he made undeclared short sales of AIS stock, distributed shares of AIS from a control position without giving the required notice, and acquired a controlling interest in AIS without filing the required news release.

Siddiqi's violations occurred in a one-month period between mid-September and mid-October 2000 through his involvement with AIS, a company listed on the Canadian Venture Exchange (now the TSX Venture Exchange). Siddiqi was in the business of helping public companies raise capital.

The commission panel will further rule on costs related to the hearing and investigation after it receives additional information from the parties.

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 in the search box, Fatir Hussain Siddiqi or 2005 BCSECCOM 575.

Contact Information

  • British Columbia Securities Commission
    Andrew Poon
    Media Relations
    (604) 899-6880 or (B.C. & Alberta) 1-800-373-6393