The B.C. Securities Commission has found that Adis Golic was illegally distributing securities from a boiler-room operation in Burnaby roughly seven years ago.
The decision is no surprise, as Golic (also known as Ady) was sentenced in 2012 to 60 days in jail and forced to pay back $40,000 to a retired couple he took money from while illegally selling shares.
Golic was raising money for a company that was purportedly developing a muffler that reduced greenhouse gas emissions by 97 per cent, something the Crown's expert considered bogus.
The B.C. Securities Commission panel is now banning Golic from trading or buying in securities. He's not allowed to buy exchange contracts either, and he's prohibited from becoming a director or officer of any company selling securities for seven years. The panel, which was waiting for the criminal case to run its course, announced the restrictions against Golic on Wednesday.
According to a 2008 press release from the B.C. Securities Commission, the agency issued a temporary cease trade order against Golic (and his two related companies AD Capital U.S. Inc. and Adcapital Industries Inc.) after simultaneous raids on Golic's home and a room on Royal Oak Avenue, in Burnaby, where 10 people were allegedly promoting securities to potential investors over the phone.
