Newsletter publisher accused of trading scheme.On September 21, the British Columbia Securities Commission The British Columbia Securities Commission (BCSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of British Columbia. External links
It also alleges he illegally sold $1.4 million worth of shares in a company called StockDepot Information Services See Information Systems. Corp. to 49 investors, 25 of whom were from B.C., without registering or filing a prospectus under the provincial securities act.
As The Globe and Mail in Toronto put it, "Stock picker Albert Budai is well known in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography
for his mantra mantra (măn`trə, mŭn–), in Hinduism and Buddhism, mystic words used in ritual and meditation. A mantra is believed to be the sound form of reality, having the power to bring into being the reality it represents. 'buy low, sell high.' Yesterday, the newsletter publisher was accused of practising what he preaches to a fault."
Popular radio show host and winner of stock picking competitions
Budai frequently speaks on B.C. radio business shows. He is also currently leading in a stock-picking contest of CBC.ca, where his portfolio has posted a 19.6 percent return as of September 14.
The commission alleges the sales, which took place between December 2001 and January 2004, were based on "misrepresentations, including claims that CanandianOnlineInvestor.com, a company owned by StockDepot, was profitable and had significant revenue."
Budai was unavailable for comment. The BCSC's allegations have not been proven, and a date for a hearing has not been set.