The BC Securities Commissionwill hold a hearing into theaccusations against AlnoorRamji, although it does notknow where he is.
VANCOUVER – A SouthAsian man, who was a formerresident of BC, is accused ofselling his shares in a companywhile concealing his ownership.The BC Securities Commissionwill hold a hearing into theaccusations against AlnoorRamji, although it does notknow where he is.The Commission says Ramjiused offshore accounts to concealhis identity as he and othersobtained shares in Clean PowerConcepts. The regulator saysbetween December 2010 andJanuary 2011, Ramji and theothers sold 81 million shares ofClean Power on the over-thecounterbulletin board in theUS, generating $21.5 million.It claims he then had $8.3 millionwired to bank accounts inHong Kong, Switzerland,Belize, and Panama. During thatperiod, the stock soared fromabout 16 cents to 52 centsbefore falling back.
