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Ontario’s Capital Markets Tribunal approved a settlement with Stan Bharti, former CEO and director of Medivolve Inc., and Neil Said, who also served as CEO at one point. The two bums admitted to the company’s breaches of securities law that followed an acquisition in 2020. |
In 2002 Bharti established Forbes & Manhattan. He purchased assets of floundering companies, repackaged them, and then re-sold them.
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Neil Said is Bharti’s lawyer and a director of Forbes & Manhattan. |
The OSC says when the company acquired 40% of Amino Therapeutics Inc. in 2020, it announced that the price was paid in a combination of US$2m in cash and 15m Medivolve common shares. That was all a straight-up fraud.
The two crooks didn’t disclose that only five million shares went to Amino’s owners, and that 10 million shares would be received by other parties — including 3m shares that went to Bharti (valued at $915,000) and 2.8m shares to Said (worth $854,000) through a numbered company.
The crooks admitted violating securities law and they agreed to sanctions. Bharti agreed to disgorge $915,000 and to pay a penalty of $785,000, along with $50,000 in costs, while Said agreed to a penalty of $200,000 and to disgorge $854,000, plus $46,000 in costs.
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Stan Bharti and Neil Said demonstrate a sad truth. For some complete criminals, there is never enough money and their purpose in life is always to steal more. |
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