Warning about Asim Ahmed’s fraudulent activities
Investor warnings - News
Montréal – The Autorité des marchés financiers (“AMF”) is warning Québec consumers about the fraudulent tactics used by Asim Ahmed to perpetrate a fraud.
Asim Ahmed, who has never been registered with the AMF, was sentenced to nine months in prison for fraudulent activities in 2011 and to four years in prison for fraud, money laundering, forgery, uttering forged documents and obstruction of justice in 2015.
In addition, freeze and prohibition orders were issued against Asim Ahmed in 2014 for acting as a securities dealer or adviser without being registered as such with the AMF. The freeze and prohibition orders have never been lifted and remain in effect.
Strategy used
According to the AMF’s investigation, after his release from prison, Asim Ahmed would approach his former victims and claim, among other things, that he sued the Québec government and the AMF for purported physical abuse he suffered while in prison and purported theft of money by AMF investigators during a search of his home and that he won his case in court but needs money to pay penalties and administrative fees so he can then recover the money he is owed and pay his victims back.
To make his misrepresentations credible to his former victims, Asim Ahmed appears to have provided some of the former victims with false documents, including a final notice of file closure and a confirmation of remittance, both bearing the AMF logo, as well as documents presented as judgments issued by the Supreme Court of Canada.
Provisional injunction against Asim Ahmed
On November 3, 2022, acting on an urgent request filed by the AMF and on the evidence submitted by the latter, the Superior Court issued a provisional injunction (pdf - 598 KB)
This link will open in a new windowUpdated on November 3, 2022 (in French only) against Asim Ahmed. The injunction orders Asim Ahmed to immediately cease using and distributing, to anyone, the documents in question and any copies of those documents. The Superior Court also ordered Asim Ahmed to cease representing, verbally or in writing, to anyone, the contents of the documents in question. Finally, the Superior Court ordered Asim Ahmed to immediately cease distributing, to anyone, false documents of the AMF and the Supreme Court of Canada.
The provisional injunction will be valid until November 11, 2022 at 11:59 p.m. Upon the expiration of this term, the AMF will seek to have the provisional injunction renewed through an interlocutory injunction, which would then be valid until the judgment on the merits is rendered in this matter.
Call to consumerss
The AMF’s investigation into Asim Ahmed’s activities is ongoing. Anyone with information relating to this matter may contact the AMF at 1-877-525-0337.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.
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Information
Media only:
Sylvain Théberge : 514 940-2176
Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
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