The British Columbia Securities Commission alleged that Jatinder Singh Bal, also known as Jack Bal, committed fraud by directing Goldeneye Resources Corp. to use nearly CAD 300,000 raised through private placements to repay a debt owed by Cache Exploration Inc., where he also served as CEO and director. Investors had been told the proceeds would fund Goldeneye’s working capital or current liabilities, and the transfer consumed about 80 per cent of Goldeneye’s cash. The regulator also alleged that Goldeneye failed to document or disclose the transfer when it occurred and later omitted it from a news release and interim financial statements, resulting in false or misleading statements and breaches of continuous disclosure obligations. Bal allegedly authorized, permitted or acquiesced in the misconduct. The allegations have not been proven, and the respondents must appear on September 15, 2026, if they wish to be heard before a hearing is scheduled.
British Columbia Securities Commission2026-08-14
British Columbia Securities Commission alleges CEO misused nearly CAD 300,000 in private placement proceeds
The British Columbia Securities Commission alleged that Jatinder Singh Bal committed fraud by using nearly CAD 300,000 of Goldeneye Resources’ private placement proceeds to repay another company’s debt. It also alleged disclosure violations by Goldeneye and Bal, with the claims remaining unproven.