OSC sets Oct. 21 hearing into Singh and Tindall

The OSC alleges a variety of
securities infractions against
the pair including:

• Tindall recommended an
unsuitable investment to clients –
Advanced Radar Technologies –
a company owned by his
brother-in-law based in Michigan
that was subsequently revealed
to be a fraudulent operation.
Rashid and several others were
convicted of various fraud-related
offences in a Michigan court
earlier this year.

• Tindall recommended an
unsuitable stock to clients –
Canadian States Gas, a
speculative resource stock traded
over-the-counter on the Canadian
Dealing Network.

• Other assorted regulatory
housekeeping violations, such
as improperly documenting client
accounts.

Against Singh, the OSC is
alleging:

• Singh failed in his capacity
as Fortune’s compliance officer
to rein in Tindall or deal
with any potential regulatory
violations arising from his
dealings with clients.

• He allowed Fortune reps who
were only registered to sell
mutual funds to sell securities
using his rep number, or using
the compliance officer’s number
without his knowledge.

• Singh traded the shares he
received in a private placement of
O’Donnell Investment Management
Corp. while they were still
technically subject to a hold
period.

Many of these allegations have
been the subject of a civil suit
against Tindall, Singh, Fortune
and Fortune’s carrying broker at
the time, First Marathon
Securities Ltd. At least one
suit remains outstanding, the other
having being settled out of court.
Tindall’s involvement with
Advanced Radar and Canadian States
was revealed by Investment
Executive in January 1998.

Fortune is now essentially
defunct, having sold all its
assets to Dundee Wealth
Management Inc. and
surrendering its registrations
in August. Tindall stepped down
from the firm in the summer of
1998.

The OSC says it will hold a
hearing into the case on Oct. 21
to consider trading bans for Singh
and Tindall, whether to terminate
or suspend their registrations,
and if they should be reprimanded.