THE B.C. Securities Commission has announced it is looking into allegations that a West Vancouver stock promoter filed documents on behalf of three companies that he knew were false or misleading.
The securities commission issued a notice alleging Fashad Shirvani failed to disclose in the documents that three ceasetrade orders had been issued against International Ranger Corp. while he was a director of the B.C. mining exploration company from 2006 to 2011.
Currently Shirvani is a director of Doubleview Capital Corp. and president, promoter and director of Casa Minerals Inc. and Next One Capital Corp.
As director of those companies, Shirvani is supposed to come clean in statutory declarations that cease-trade orders were issued while he was a director of Ranger.
He failed to do that in 13 documents, by giving a false answer to a specific question regarding his involvement in any company that has been subject to a cease-trade order, according to the securities commission.
The securities commission noted the cease-trade orders against Ranger were in effect for 33 of the 60 months that Shirvani was a director.
In falsely answering the question, his conduct "failed to meet the requirement of honesty, or diligence, demanded of the directors of public companies operating within the securities market," the securities commission alleges.
The allegations haven't been proven. A date for the hearing is to be set later this month.
