The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that a West Vancouver man repeatedly allowed documents to be filed with the BCSC that were materially false or misleading.
The notice alleges that Farshad Sirvani repeatedly failed to disclose that three separate cease trade orders (CTOs) were issued against International Ranger Corp. (OTO: IRNG, Stock Forum), a B.C.-based mineral exploration company, while he was a director. International Ranger is a uranium exploration company. Its shares are quoted on the U.S. Pink Sheets and traded at 1.2 cents this week.
Shirvani is a also director of Doubleview Capital Corp. (TSX: V.DBV, Stock Forum), and the president, promoter and a director of Casa Minerals Inc. and Next One Capital Corp, all of which are B.C.-based companies. (Casa and Next One are planning to go public soon). In his capacity as a director, promoter or officer of these companies, Shirvani was required to disclose in certain regulatory filings that the CTOs were issued while he was a director of Ranger.
In the notice, BCSC staff contend that Shirvani failed to disclose this fact in 13 documents filed with the BCSC on behalf of Doubleview, Casa and Next One, thereby knowingly causing the companies to file false or misleading documents. Shirvani personally signed and certified each of the 13 documents in question.
These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners on March 20, 2012 at 9:00a.m.