The Ontario Securities Commission announced that the Capital Markets Tribunal approved settlement agreements with Stan Bharti and Neil Said after both admitted breaching Ontario securities law by authorizing Medivolve Inc. to publish financial disclosure documents containing material misstatements. The misstatements stemmed from Medivolve’s failure to disclose shares that Bharti and Said received in an April 2020 acquisition and to report the transaction as a related-party deal. Under the settlements, Bharti is permanently prohibited from acting as a director or officer of any issuer, while Said is subject to a five-year ban. Bharti and Said were, respectively, a Medivolve director and chief executive officer when the company acquired a 40 percent stake in Amino Therapeutics Inc. for USD 2 million in cash and 15 million Medivolve shares. When the transaction closed, Amino’s owners received only 5 million shares, with the remaining 10 million issued to others, including 3 million shares to Bharti through a holding company and 2.8 million shares to Said through an Ontario numbered company. Medivolve’s audited 2019 financial statements and amended management discussion and analysis, issued later in April 2020, did not disclose those share issuances or identify the deal as related-party. Bharti and Said have also paid a combined 985,000 in administrative penalties, 1.779 million in disgorgement, and nearly 100,000 in investigation and proceeding costs.
Ontario Securities Commission 2026-05-11
Ontario Securities Commission secures settlement in Medivolve disclosure misstatement case with permanent ban for Stan Bharti and five year ban for Neil Said
The Ontario Securities Commission’s Capital Markets Tribunal approved settlements with former Medivolve Inc. director Stan Bharti and former CEO Neil Said, who admitted authorizing financial disclosure documents with material misstatements about an April 2020 acquisition and undisclosed related-party share issuances. Bharti is permanently banned from serving as a director or officer of any issuer, Said faces a five-year ban, and they paid a combined 985,000 in administrative penalties, 1.779 million in disgorgement, and nearly 100,000 in investigation and proceeding costs.