The Ontario Securities Commission has charged Usman Asif with fraud under the Securities Act and with breaching a cease trade order, in connection with conduct involving Lendle Corporation, where he was a director. The OSC alleges Asif, through Lendle, issued a promissory note to All Ships Investors Incorporated while subject to a cease trade order as part of a fraudulent scheme to issue and securitize consumer loans through an online lending platform. The OSC further alleges Asif repeatedly deceived All Ships before and after receiving a CAD 315,000 investment, which was spent primarily on personal expenses, including a Lamborghini. The release also notes that on November 1, 2023, the OSC Tribunal found that Asif and his companies, Lendle Corporation and Mughal Asset Management Corporation, committed fraud, and that the Capital Markets Tribunal determined he lied to OSC staff, shared confidential OSC information, and interfered with the investigation; Asif was permanently banned from trading in June 2024 after being subject to a temporary cease trade order issued in December 2021.
Ontario Securities Commission 2025-07-10
Ontario Securities Commission charges Usman Asif with fraud and cease trade order breach linked to Lendle and a CAD 315,000 investment
The Ontario Securities Commission (OSC) has charged Usman Asif with fraud and breaching a cease trade order related to his role at Lendle Corporation. Asif allegedly issued a promissory note to All Ships Investors Incorporated while under a cease trade order, using the CAD 315,000 investment for personal expenses. The OSC Tribunal found Asif and his companies guilty of fraud, leading to a permanent trading ban in June 2024.