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ESTABLISHED 1932
INSIDE
the richmond
richmondreview.com
REVIEW WEDNESDAY, MAY 2, 2012
24 PAGES
Richmond and Xiamen are now sisters Tourism Richmond signs ‘oath’ to lure more tourists here
Doors Open this weekend Page 3
Isles test their mettle Page 14
by Matthew Hoekstra Staff Reporter Xiamen is now officially Richmond’s third sister city. Mayor Malcolm Brodie formally signed an agreement with Mayor Liu Kequing in the Chinese city last Friday. The Xiamen Philharmonic Orchestra marked the occasion with a concert hours earlier in a 700-seat concert hall at Xiamen International Conference Centre. At the signing ceremony, Brodie was flanked by Richmond school trustees Debbie Tablotney and Grace Tsang and six Richmond councillors: Richmond councillors Chak Au, Derek Dang, Ken Johnston, Bill McNulty, Linda McPhail and Harold Steves. According to officials at Richmond City Hall, the relationship is aimed at further promoting and developing exchanges and co-operation in culture, education, tourism, science, technology, business and trade. See Page 4
Richmond Mayor Malcolm Brodie and Xiamen Mayor Liu Kequing sign a sister city agreement last Friday in China.
Mutual fund seller facing theft charge by Martin van den Hemel Staff Reporter
Dreams Take Flight Page 19
A former mutual fund salesperson who was fined $100,000 by the B.C. Securities Commission for allegedly using $11,050 from an investor to pay down his own debts, has now been criminally charged in Richmond provincial court. Ajit Singh Basi, 25, is accused of theft by person required to account, and made his first court appearance this week. It is not clear whether the current charge is connected to the allegations made to the securities commission, although both offence dates are in 2010. Last December, the securities commission held a hearing involving allegations that Basi defrauded
an investor. Basi did not appear at the hearing, made no submissions and entered no evidence. Basi allegedly told an investor from Alberta in December of 2010 that he could buy shares of MGM at a price below the stock was trading. Basi met the female investor on the Internet in 2009, and corresponded with her for several months. The investor sent him $15,500, and before she sent the money, Basi confirmed to her by text message that he had sold her shares at $14.64, a figure within the trading range of those shares on the New York Stock Exchange. But according to the commission, Basi did not use her money to buy MGM shares, and instead deposited the money into an intermediary entity that he controlled. He then used $11,050 to pay
down personal indebtedness and for other personal uses. The investor was left with only $4,445, which she eventually recovered. The commission has, among other things, permanently banned Basi from purchasing securities or exchange contracts. He’s been ordered to resign any position he holds, and is banned from becoming or acting as a director of officer of any issuer, registrant or investment fund manager. He is permanently prohibited from becoming or acting as a registrant, investment fund manager or promoter. He’s been ordered to pay the commission $11,055, and to pay an administrative penalty of $100,000.
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