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OTTAWA — The Supreme Court docket of Canada has set a December date to listen to an attraction from a British Columbia couple who argue their declaration of chapter ought to wipe out thousands and thousands of {dollars} in court-ordered fines owed to provincial securities authorities.
The case of Thalbinder Singh Poonian and Shailu Poonian has been scheduled for Dec. 6 after Canada’s highest court docket granted go away to attraction earlier this 12 months.
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Court docket paperwork present the Poonians have been ordered by the B.C. Securities Fee to pay again a number of million in earnings they made and accumulate administrative penalties of $13.5 million for committing market manipulation.
The Poonians appealed the tremendous in court docket, arguing that the debt ought to be erased when they’re discharged from chapter.
Final 12 months, the B.C. Court docket of Enchantment dismissed the attraction and agreed with the securities fee that the penalty was a sanction for the couple’s fraudulent exercise and gained’t disappear when chapter ends.
The securities fee had discovered share costs of a inventory traded on the TSX Enterprise Change had been manipulated, and the Poonians have been assessed administrative penalties and ordered to repay the quantity earned from the scheme.
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