British Columbia Securities Commission

British Columbia Securities Commission

June 11, 2012 16:45 ET

British Columbia Securities Commission: West Vancouver Man Must Pay $15,000 for Filing Materially False Documents

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2012) - The British Columbia Securities Commission has settled with a man who admitted making regulatory filings that did not disclose necessary information. The filings failed to disclose that cease trade orders were issued against a public company when he was one of its directors.

In the BCSC settlement agreement, Farshad Shirvani, a West Vancouver resident, admitted that 13 documents filed with the BCSC by three B.C. issuers were materially false. Shirvani admitted that he caused, or acquiesced to, the filing and delivery of the documents.

The documents were regulatory filings for Doubleview Capital Corp., Casa Minerals Inc., and Next One Capital Corp. Shirvani is a director of Doubleview Capital Corp., and the president, promoter and a director of the two other companies.

Each of the 13 documents failed to disclose the fact Shirvani had been a director of International Ranger Corp., a B.C. reporting issuer, when it was cease traded by the BCSC.

Shirvani has paid the commission $15,000 to settle the matter. He has also been reprimanded and ordered to complete a course of study within one year concerning the duties and responsibilities of directors and officers. Shirvani will be prohibited from becoming or acting as a director, officer, or promoter of, or engaging in investor relations activities for, any issuer other than those named above, until he successfully completes the course of study.

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, Farshad Shirvani or 2012 BCSECCOM 216. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).

For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, 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