Friday, July 1, 2011

Sakwinder Narwal and the Return of the Vancouver Pump and Dump



Here's an interesting article. The Vancouver Sun reported that U.S. securities regulators have charged controversial Vancouver promoter Sakwinder Narwal with defrauding investors in an alleged pump and dump stock scheme.

The Securities and Exchange Commission charged three principals of Del Mar Corporate Communications, LLC, a San Diego-based investor relations company, and a Canadian citizen for committing fraud while promoting a penny stock company headquartered in British Columbia, Canada.

I'm confused. This article is from February 17 2011. There is no penny stock exchange in Vancouver. Does that mean it's a fake company based in Vancouver traded on another exchange?

This is even tied to a drive by shooting in Shaughnessy on July 7 2007. Johnston and Marshall purchased the home (Where the drive by occurred) in May 2006 for $4,050,000, land title records show. Marshall then transferred his interest in the house to Johnston for a dollar in January 2007.

In early 2004, the RCMP's Integrated Market Enforcement Team raided the Vancouver offices of Silver Star Energy Ltd., alleging the company was involved in a "pump and dump" stock fraud. Five people were named in the search warrant, including Marshall, who had been a director of 1048136 Alberta Ltd., which sold properties to Silver Star.

At the time, Silver Star's largest share holder was Marshall's business partner Sakwinder Narwal, while Johnston held the second largest number of Silver Star shares. Despite the high-profile criminal probe, no charges were ever laid and police now confirm the file has been closed.

Narwal, who has been linked to several other U.S. penny stocks, is a close relative of convicted kidnapper Jethinder Singh (Roman) Narwal, who is now serving a 15-year sentence. At the time of his 2006 conviction, Roman owned stocks in three other companies founded by Sak Narwal.

Roman's late father Avtar Singh Narwal was identified at the Air India trial as a suspect in the 1985 Air India bombing. Investment fraud, drive by shootings, kidnapping and the Air India bombing. WTF.

4 comments:

  1. Its worse than penny stocks:

    "The Canadian arm of PwC has been named in seven separate lawsuits claiming as much as $2 billion in damages for investors who lost almost everything in the largest fraud in history," the Telegraph said in a latest report."

    http://tinyurl.com/3wpsw4l

    A very close relative is Partner there; hoping for CFO. She too signed papers sending money to Madoff, and Chartered Accountants sign that Charter vowing due diligence. Whether the bonuses PWC partners got are related to the Madoff funds' apparent success might be part of a class action suit.

    ReplyDelete
  2. Thanks for your sharing this information.

    ReplyDelete