ASC seeks to reciprocate bans against Ajit Singh Basi

CALGARY, March 2, 2012 /CNW/ - Alberta Securities Commission (ASC) staff are seeking to reciprocate orders imposed by the British Columbia Securities Commission (BCSC) against Ajit Singh Basi.

As part of a December 22, 2011 decision, a BCSC panel found that Basi broke securities laws and perpetrated a fraud when he advised a woman he had met on the internet that he could purchase shares in a company at a discounted price. After corresponding with the victim for months, Basi instructed her to deposit $15,500 into his bank account.  He then used $11,050 of that money for personal use, such as settling outstanding debts.  The woman subsequently recovered only $4,450 after complaining to Basi's bank about the investment.

The BCSC ordered that Basi be permanently prohibited from purchasing securities or exchange contacts, and acting as a director or officer of any issuer. Basi has also been permanently banned from: becoming or acting as a registrant, investment fund manager, or promoter; acting in a management or consultative capacity in connection with the securities market; and engaging in investor relations activities.

ASC staff seek reciprocation of the BCSC orders to protect Alberta investors and the Alberta capital market.

It is anticipated that the ASC panel will consider this application in March 2012.

A copy of the Notice of Hearing is available on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

For Media Inquiries: 
Mark Dickey
Senior Communications Advisor
403-297-4481

For Investor Inquiries: 
ASC Public Inquiries
Toll Free 1-877-355-4488