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Ontario Securities CommissionPeter Power/The Globe and Mail

The Ontario Securities Commission has levied more than $3.5-million in penalties against six people accused of operating a boiler room stock scam that targeted investors around the globe.

A hearing panel ruled the scheme involved the improper sale of $2.2-million (U.S.) of securities in Asia Pacific Energy Inc. to 110 investors in the United States, Britain, the Caribbean, New Zealand, Singapore and Canada.

In a decision released Thursday, the panel ordered Kit Ching Pan to pay a penalty of $350,000 (Canadian), while Alex Pidgeon, Hau Wai Cheung and Rafique Jiwani were ordered to pay $300,000 each. Gurdip Singh Gahunia and Basil Marcellinius Toussaint were each ordered to pay $100,000.

The group was also ordered to pay "disgorgements" of the money they obtained from investors totalling $2.1-million, and face bans on trading securities or acting as officers of public companies. The OSC has ordered money to be returned to investors if it is collected, the commission said.