Chandramattie Dave (aka Rita Dave and Rita Bahadur) and Ravindra Dave (aka Dave Ravindra), of Mississauga, Ont., are facing new charges that they traded without registration and violated trading bans imposed by the Ontario Securities Commission (OSC), the regulator announced Thursday.
The allegations have not been proven.
In 2015, the OSC banned Chandramattie Dave from trading for 20 years, and banned Ravindra Dave for life, after the Daves admitted to unregistered trading and to illegal distribution in a settlement with regulators.
In a news release, the OSC alleges the pair promoted and sold investments through a company called Wealth-e Group, between Aug. 1, 2016 and July 13, 2018.
“The Daves appear to have targeted vulnerable investors in this recent promotion, raising hundreds of thousands of dollars,” the regulator said.
“The OSC takes allegations involving previously sanctioned individuals very seriously,” said Jeff Kehoe, director of enforcement at the OSC, in a statement.
“The investigation and prosecution of recidivists are a priority for the commission and are critical for investor confidence in our capital markets,” he added.
The Daves are scheduled to appear in court on Dec. 2 at the Ontario Court of Justice in Brampton, Ont.