ASC issues Interim Cease Trade Order against OmniArch Capital Corporation
CALGARY –– The Alberta Securities Commission (ASC) has issued an Interim Cease Trade Order against Jay Rasik Modi, Arti Rasik Modi (a.k.a. Arti Rajeev Singh), Rajeev Jagdish Singh, Rick Unrau (the Respondents), and OmniArch Capital Corporation.
The Interim Cease Trade Order prohibits all trading in securities issued by OmniArch, and all exemptions contained in Alberta securities laws do not apply to OmniArch. The Respondents must cease trading in all securities, and with limited exceptions, all exemptions contained in Alberta securities laws do not apply to them. In addition, each Respondent must resign all positions they hold as a director or officer (or both) of LendingArch Financial Inc., and is prohibited from becoming or acting as a director or officer (or both) of LendingArch.
The Order is in effect “until any proceeding arising from the Investigation and initiated pursuant to the Act, including a trial in respect of an offence, is finally determined or otherwise concluded.”
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.