Former mutual fund advisor pays $70,000 to ASC for breaching securities lawsBy The IJ Staff | February 21 2019 11:30AM
The Alberta Securities Commission (ASC) announced Feb. 20 that it has concluded a settlement agreement with a former Calgary mutual fund rep, Farhang (Fred) Dagostar Nikoo, for breaches of Alberta securities laws relating to trading in 2012 in the shares of Bluforest, Inc. (formerly Greenwood Gold Resources Inc.).
Bluforest, now dissolved, had a Calgary office and was quoted for trading in 2012 and 2013 on U.S. over-the-counter quotation boards (OTCBB and OTCQB).
Acting as an adviser without registration
In the settlement agreement, Nikoo admitted to acting as an adviser without registration with respect to the sale of Bluforest securities to at least seven Alberta residents. “He also admitted to making prohibited and misleading or untrue statements to prospective investors that Bluforest's shares would double in value and be listed on the NASDAQ exchange,” said the ASC in a statement.
As part of his settlement with the ASC, Nikoo paid the regulator $70,000 and is banned from advising in securities and acting as a registrant for 10 years.
To learn more, a copy of the Settlement Agreement is available on the ASC website.