Banned individuals charged with Securities Act Offences

TORONTO – The Ontario Securities Commission (OSC) announced today that Chandramattie Dave (aka Rita Dave and Rita Bahadur) and Ravindra Dave (aka Dave Ravindra) of Mississauga, Ontario, have been charged with offences under the Securities Act (Ontario).

Chandramattie Dave is charged with one count of trading without registration.  She is further charged with one count of trading in securities while prohibited as a result of an OSC order from August 27, 2015. Ravindra Dave is charged with one count of trading without registration.  He is also charged with one count of trading in securities while prohibited as a result of an OSC order from August 27, 2015.

These new allegations against Chandramattie Dave and Ravindra Dave primarily relate to investments that they were promoting and selling through the company Wealth-e Group between August 1, 2016 and July 13, 2018. The Daves appear to have targeted vulnerable investors in this recent promotion, raising hundreds of thousands of dollars.

Chandramattie Dave and Ravindra Dave were sanctioned on August 27, 2015 by the OSC for violations of Ontario securities law.  In a settlement agreement, they admitted to unregistered trading and illegal distribution through the sale of securities, raising roughly $5.4 million through approximately 34 Ontario investors. Chandramattie Dave was banned from trading in securities for 20 years while Ravindra Dave received a lifetime ban.  Both also received significant monetary sanctions.

“The OSC takes allegations involving previously sanctioned individuals very seriously,” said Jeff Kehoe, Director, Enforcement at the OSC. “The investigation and prosecution of recidivists are a priority for the Commission and are critical for investor confidence in our capital markets.”

As a result of the OSC Order from August 27, 2015, both Chandramattie Dave and Ravindra Dave continue to be subject to a cease trade order prohibiting them from engaging in the business of trading or selling securities.

Chandramattie Dave and Ravindra Dave are scheduled to appear in court on this matter on December 2, 2019 at 9:00 a.m. in Courtroom #104 at the Ontario Court of Justice, 7755 Hurontario Street, Brampton, Ontario.

Any investors who were solicited by Chandramattie Dave, Ravindra Dave and/or representatives of Wealth-e Group to make investments in a travel program or promissory note should contact the OSC’s Contact Centre at 1-877-785-1555 (Toll Free) or [email protected].

This investigation was conducted by Staff within OSC Enforcement that investigate quasi-criminal and criminal offences related to securities, including the investigation of alleged recidivists. The primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement.

Quasi-criminal charges are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.

To date, OSC Enforcement has pursued 46 quasi-criminal and criminal matters involving 65 accused.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk.  Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca.

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