OSC reaches settlements with Stan Bharti and Neil Said, former executives of Medivolve Inc. — OSC — CA

OSC

Enforcement

May 11, 2026

For Immediate Release

TORONTO
– On May 8, 2026, the Capital Markets Tribunal approved settlement agreements between the Ontario Securities Commission (OSC), Stan Bharti and Neil Said. Both Mr. Bharti and Mr. Said have admitted to breaching Ontario securities law by authorizing Medivolve Inc. to issue financial disclosure documents that contained material misstatements.
Mr. Bharti is the founder and executive chairman of Forbes & Manhattan Inc. (Forbes), an Ontario company. Mr. Said is an Ontario lawyer whose clients include those of Forbes. In 2011, Medivolve retained Forbes to provide consulting services and gained access to a range of legal, financial and other professionals who work with Mr. Bharti; including Mr. Said. In April 2020, when Mr. Bharti and Mr. Said were, respectively, a director and the CEO of Medivolve, Medivolve acquired 40% of a company called ‘Amino Therapeutics Inc.’ for US$2 million cash and 15 million Medivolve shares. However, when the transaction closed on April 13, 2020, Amino’s owners only received 5 million of the 15 million shares. The remaining 10 million shares were issued to others including 3 million shares to Mr. Bharti, through a holding company, and 2.8 million shares to Mr. Said, through an Ontario numbered company. Medivolve issued audited 2019 financial statements on April 24, 2020, and an amended Management Discussion and Analysis on April 27, 2020, neither of which disclosed that Mr. Bharti or Mr. Said received shares from the Amino transaction or reported the deal as a related-party transaction. Mr. Bharti and Mr. Said have admitted that they authorized these material misstatements by Medivolve in its financial disclosure documents. As part of the settlement, Mr. Said is prohibited from acting as a director or officer of any issuer for five years, while Mr. Bharti is permanently banned from acting as a director or officer of any issuer. Altogether, Mr. Bharti and Mr. Said have paid $985,000 in administrative penalties and $1.779 million in disgorgement to the Commission, as well as nearly $100,000 in costs related to the OSC’s investigation and proceeding. Details of the market participation bans, and a breakdown of the financial penalties can be found in the settlement agreements. “Officers and directors play a crucial role in promoting the integrity of our capital markets through honest and transparent disclosure, and compliance with Ontario securities law,” said Bonnie Lysyk, Executive Vice President, Enforcement at the OSC. “Where they don’t comply with these fundamental standards, the OSC will act. Today’s settlement should serve as a reminder to others of the consequences they will face should they seek to undermine our capital markets.” The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca . – 30 –

For Media Inquiries:

Curtis Lindsay media_inquiries@osc.gov.on.ca

For Investor and Industry Inquiries:

1-877-785-1555 (Toll Free) inquiries@osc.gov.on.ca Follow us on X