TORONTO, July 26, 2022 /CNW/ - The Ontario Securities Commission (OSC) announced today that Radhakrishna Namburi ("Namburi") of Mississauga, Ontario, has been charged with illegally trading and advising in securities under the Securities Act (Ontario).
The allegations relate to Mr. Namburi's recruitment of investors from Ontario's Telugu-speaking community based on promises that he would teach them to trade and, in some cases, conduct trading on their behalf. However, Mr. Namburi used investors' log-in information to make unauthorized and unsuccessful trades that quickly depleted their trading accounts to zero.
Mr. Namburi has been charged with trading in securities without registration and advising in securities without registration, contrary to sections 25(1) and 25(3) of the Securities Act, respectively.
The misconduct is alleged to have taken place between February and September 2021. During this same period, Mr. Namburi was subject to an ongoing hearing before the Ontario Securities Commission for similar misconduct. On January 24, 2022, a panel of the Commission found Mr. Namburi liable for illegal advising and trading; a sanctions hearing was held on June 17, 2022.
Mr. Namburi is scheduled to appear in court on this matter on August 30, 2022, at 9:00 a.m. in Courtroom 104 at the Ontario Court of Justice, at 7755 Hurontario St., Brampton, Ontario.
This investigation was conducted by a team within the OSC Enforcement branch that investigates the most serious breaches of Ontario securities law, including the investigation of alleged recidivists, and prosecutes these matters in provincial court. Their primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. Since inception, this team has pursued 59 matters before the courts involving 85 accused persons.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.
SOURCE Ontario Securities Commission
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