B.C. stock promoter sentenced to prison for pump-and-dump fraud
Former B.C. stock promoter Avtar Singh Dhillon recently found himself in hot water for running a pump-and-dump stock scheme. He’s been sentenced to prison time and needs to pay back almost $1.5 million US in illicit profits and fines.
Dhillon, a Canadian who used to live in B.C. and led a medical cannabis company based here, now calls Long Beach, California home. He copped to charges like failing to disclose stock sales and aiding the sale of unregistered securities.
In a pump-and-dump setup, owners scoop up low-cost stocks, hype them up falsely, then sell them for a hefty profit at the expense of unsuspecting investors. Dhillon and his attorney, Daniel V. Martinez, stashed 2.75 million Arch Therapeutics shares into a company Martinez set up and sold them off without the right exemptions.
Even though Dhillon presently lives in the U.S., he and his wife own over $24 million in Vancouver properties under two numbered companies. The recent penalties have pushed Dhillon’s total dues to more than $11.6 million US.
In another case tied to a massive pump-and-dump stock fraud with Frederick Sharp from West Vancouver, Dhillon admitted guilt, getting hit with a ban from penny stock markets and a $10.4 million fine. Looks like the consequences for his actions are definitely adding up.
