Friday , May 7 2021

Vancouver man rarely spent three years in prison for financial fraud

Aiaz Dhanani, shown in a photo on Facebook, was sentenced to prison for financial fraud after research by B.C. Securities Commission and Vancouver Police Department.

Facebook / PNG

The financial fraudster Vancouver convicted of selling false investments to several people was sentenced to 13 months in prison this week, according to B.C. Securities Commission.

This means that the 38-year-old Aiaz Dhanani was convicted at the provincial court for a total of three years in 2018 for financial fraud against five victims. This is a rare time in prison in British Columbia for a financial fraudster.

Dhanani was also ordered to provide a sample of his DNA.

He pleaded guilty in October for fraud over $ 5,000 and three B.C. Violations of the Securities Act.

In August, Dhanani pleaded guilty to four counts of a $ 5,000-dollar charge of fraud and criminal offenses under the law on securities, including the disregard of B.C. The commission of the Securities Commission does not submit a prospectus (a formal document containing details of the investment) and misleading investors.

Dahnani – also known for several other names, including Azim Virani and Samuel Ramos – was sentenced to 23 months in prison for August violations.

The court ordered Dhanani to pay $ 194,568 in restitution.

Convicting sentences come from an investigation by the BCSC criminal investigation and the Vancouver Police Department. The VPD investigation also resulted in a deception over $ 5,000 for Dacheng Van, who received a suspended sentence of two years and ordered $ 65,570 to be paid for restitution. Van was involved with Dahnani in a fraud in real estate transactions.

"Dhanani threatened for lack of people's knowledge of investment," said Peter Brady, BCSC's executive director in a statement Friday. "He made promises of jobs or opportunities that simply did not exist."

Earlier, the BCSC sanctioned Dhanania for fraudulent securities fraud and ordered him to pay a $ 225,000 fine and repatriate 188,800 US dollars in fraudulent cover.

In 2016, the BCSC tribunal found that Dhanani damaged three investors when he took money in a "scheme" involving the alleged sale of shares in mining and oil companies. Dhanani has repeatedly approached potential investors of a series of allegedly lucrative investment opportunities with resource companies, found a commission, but in fact, they were not companies or actions.

In 2017, Dhanani returned $ 120,000 to the BCSC who was handed over to the victims.

Postmedia research from 2017 found that in the past decade, police investigation and prosecution of investment fraud in British Columbia were rare.

The investigation also found that the items that the BCSC investigating team takes on less hanging fruit trees that include fewer casualties and less funds than those conducted by the commission in the tribunes, resulting in large unpaid fines.

Dhanani had a previously convicted conviction for stealing and scamming over $ 5,000 related to crimes in 2010 and 2011.

The next year should be tried on several criminal charges after the VPD investigation. In January, he faces charges of kidnapping, unlawful confinement, identity theft and unauthorized use of credit cards. In May, Dhanani faces charges of extortion.

[email protected] / gordon_hoekstra

Source link