BC Securities Commission Dismisses All Market Manipulation Allegations Against Mani Chopra

This matter was heard before a Panel of the British Columbia Securities Commission on April 2, 3, 5, 18, 19, 29, 30, May 1-3, 6–8, 10, and June 27 and 28, 2024. Oral argument was completed on January 20, 2026.

The Executive Director alleged that several respondents, including Mani Chopra, participated in “pump and dump” schemes in respect of three issuers, by making misleading disclosures, coordinating promotions, and profiting from artificially inflated share prices in breach of s. 57(a) of the British Columbia Securities Act. The Executive Director alleged that Mr. Chopra was involved in the schemes relating to two of the relevant issuers, Integrated (formerly CNRP Mining Inc.) and Block One Capital Inc. 

Mr. Chopra was defended on the basis that his involvement was peripheral, consisting of administrative assistance and occasional information sharing, not decision making or promotion; he did not control issuers, draft misleading disclosures, or direct promotional activity; he lacked the requisite knowledge or intent required to establish liability under s. 57(a) of the Act; mere receipt of emails, copying on drafts, or distribution of materials—without evidence of knowledge of falsity—does not satisfy the legal test and parallel trading activity, absent proof of coordination or inside knowledge, does not establish involvement in a pump and dump.

The Panel accepted these positions, emphasizing that liability requires clear evidence of both conduct and mental state, which was not present for Mr. Chopra.

The Panel dismissed all allegations against Mr. Chopra in their entirety. While the Panel found that artificial prices were created in respect of Integrated and Block One and imposed liability on other respondents, it concluded that the Executive Director failed to establish the essential elements of liability under section 57(a) as against Mr. Chopra. The Panel further found no liability of Mr. Chopra under s. 168.2 of the Act.

McCarthy Tétrault assisted Mani Chopra, who was represented by Jessica Mank, along with her co-counsel at Harper Grey, Rod Anderson.