News Release

Ontario Securities

20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
Commission des valeurs mobilières de l'Ontario

July 19, 2012

OSC Lays Quasi-Criminal Charges Against Berik Yessirkegenov and North
American Business Equipment Corporation

TORONTO – On July 18, 2012, the Ontario Securities Commission (OSC) laid quasi-criminal charges against Berik Yessirkegenov and North American Business Equipment Corporation (NABEC) for perpetrating a fraud contrary to section 126.1 of the Securities Act (Ontario).

During the period of April 1, 2009 to April 12, 2010, Mr. Yessirkegenov misrepresented to a pension fund that Mr. Yessirkegenov’s firm, NABEC, was licensed to trade in securities by the “Securities and Exchange Commission of the Canada”. The pension fund was located in the Republic of Kazakhstan.

The pension fund entered into an investment services agreement with NABEC dated May 18, 2009. As a result, the pension fund forwarded approximately U.S. $8 million to NABEC on the belief that the monies would be invested in financial instruments, including equities, as directed by the pension fund. NABEC produced false trading confirmations and false monthly account statements in order to create the illusion that the funds were invested as directed and concealed the actual trading losses and payments made from NABEC’s trading accounts.

A first appearance for the defendants is scheduled to take place on Tuesday, August 28, 2012 at 10:30 a.m. in Courtroom 205 at the Newmarket Courthouse, 50 Eagle Street, Newmarket.

Under section 122 of the Securities Act, the OSC has the authority to lay quasi-criminal charges against individuals or companies in the Ontario Court of Justice for alleged violations of the Act. The maximum penalty available upon conviction is a fine of not more than $5 million or imprisonment for a term of not more than five years less a day, or both. The OSC pursues cases in court in order to seek sanctions and penalties that send a strong message of deterrence and denunciation to those who try to exploit investors.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC’s investor materials available at


For Media Inquiries:     Carolyn Shaw-Rimmington
Manager, Public Affairs

Dylan Rae
Media Relations Specialist

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