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THE SECURITIES ACT |
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Order No. 6542 |
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Sections 148, 19(5), and 148.3 |
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June 20, 2012 |
ARVINDBHAI BAKORBHAI PATEL
also known as ARVIN PATEL
WHEREAS:
(A) On April 3, 2012, the Executive Director of the British Columbia Securities Commission (“BCSC”) entered into a settlement agreement (“Settlement”) with Arvindbhai Bakorbhai Patel also known as Arvin Patel (“PATEL”) and made an order against him on April 3, 2012 (“BCSC Order”);
(B) On May 4, 2012, The Manitoba Securities Commission (“Commission”) issued a Notice of Hearing (“Notice”) giving notice of its intention to hold a hearing to consider whether or not it was in the public interest to grant orders pursuant to section 148.4 of The Securities Act, R.S.M. 1988, c. S50 as amended (“Act”) with respect to PATEL;
(C) On June 20, 2012, the hearing proceeded before a panel of the Commission;
(D) Upon reviewing the documentary evidence including a letter from counsel for the respondent confirming service, hearing the submissions of counsel for staff of the Commission, and being satisfied as to service upon the respondent, the Commission is of the opinion that it is in the public interest to make this order.
IT IS ORDERED:
1. THAT, pursuant to sections 148 and 19(5) of the Act, PATEL cease trading in securities permanently and subsection 19(1) of the Act, with respect to such of the trades referred to in that subsection, and subsection 19(2) of the Act, with respect to such of the securities referred to in that subsection, do not apply to PATEL, except that he may trade in accounts in his own name held exclusively through a registered dealer under the Act, provided he gives the registered representative a copy of this Order prior to any trade taking place.
2. THAT, pursuant to section 148.3 of the Act, PATEL resign any position he may hold as a director and officer of any issuer and be prohibited from becoming or acting as a director or officer of any issuer permanently.
BY ORDER OF THE COMMISSION
Deputy Director