THE Executive Director of the British Columbia Securities Commission (BCSC) has issued an amended notice of hearing alleging that Prabhjot Singh Bakshi and SBC Financial Group Inc. (SBC) illegally distributed securities and also alleging that Bakshi committed fraud.
The notice also alleges that Bakshi told three SBC’s investors that it had purchased the rights to a land development project in Hawaii (the Hawaii Project), that SBC was advised by their lawyers that investment funds would be held in an escrow account, and that the funds would be put towards a lot in the Hawaii Project. These three investors invested $400,000 but Bakshi did not forward their money to the Hawaii Project. In fact, SBC had not purchased the rights to the Hawaii Project, and the law firm did not represent SBC or maintain an escrow account. These three investors never recovered their money.
Bakshi is a resident of British Columbia and was the sole director and officer of SBC. SBC is a company incorporated in British Columbia, but no prospectus has ever been filed in respect of the distribution of SBC securities.