Businessman suspected of fraud against Kazakhstan pension fund in Canada 20 июля 2012, 18:18
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Ontario Securities Commission filed quasi-charges to a businessman in alleged fraud involving Kazakhstan pension fund, Financial Post writes.
Canada’s biggest capital markets regulator states that the owner of North American Business Equipment Corporation (NABEC) Berik Yessirkergenov “misrepresented” to Kazakhstan pension fund that his company had a license for trade by Canadian Securities and Exchange Commission. Based on that, the investment service agreement was signed between NABEC and the fund.
The regulator states that Yessirkergenov’s company provided “false trading confirmations and false monthly account statements in order to create the illusion that the funds were invested as directed and concealed the actual trading losses and payments made from NABEC’s trading accounts”.
The court hearing is scheduled for August 28. The maximum penalty for such violations includes a fine of up to $5 million or imprisonment for up to 5 years less a day.