News Releases
ASC alleges Calgary men conspired with American residents to manipulate markets
Oct 18, 2017
CALGARY – October 18, 2017 – Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Calgary residents Zulfikar Rashid, John Zang and Richard Moore, in conjunction with current or former U.S. residents Ashmit Patel, Jonathan Levy and Gregory Buczynski, engaged in what is commonly referred to as a “pump-and-dump” scheme. The scheme involved the penny stock of Kilimanjaro Capital Ltd. (now known as N1 Technologies Inc.), a former Alberta-based shell company. ASC staff also allege that Rashid and Zang obstructed justice and that Zang, Patel and Moore breached a cease trade order issued by the ASC in respect of Kilimanjaro.
The allegations have not been proven.
An appearance to set a date for a hearing will be held on December 13, 2017 at 1:00 p.m. in the ASC Hearing Room, 5th Floor, 250 – 5th Street S.W., Calgary, Alberta.
The ASC gratefully acknowledges the assistance of the United States Securities and Exchange Commission, the Financial Industry Regulatory Authority and the Dansk Finanstilsynet (Danish Financial Supervisory Authority) in this matter.
A copy of the Notice of Hearing can be found on the ASC website at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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