Recent amendments to a regulatory enforcement application involving Liquid Marketplace Inc. founded by Ryan Bahadori & Amin Nikdel have clarified the scope of allegations previously reported in connection with the company. The amended filing, submitted to the Capital Markets Tribunal in the matter of Ontario Securities Commission v. Liquid Marketplace Inc., reflects significant revisions to earlier claims that had circulated publicly.
A review of the Amended Application for Enforcement Proceeding indicates that several allegations referenced in earlier discussions of the case are no longer included in the updated document clearing fraud allegations.
Most notably, references to “multi-layered fraud,” a phrase that had been widely repeated in online coverage and commentary, do not appear in the amended filing. The revised application instead reflects a narrower set of regulatory issues.
The amended document also removes references to misappropriation of funds, which had been included in prior discussions surrounding the matter. Additionally, allegations suggesting that the company raised approximately $10 million from investors through fraudulent activity are no longer present in the amended filing.
These revisions significantly change the characterization of the case that had previously circulated in media and online reporting. The amended application now focuses primarily on regulatory compliance matters related to securities registration and marketplace operations.
Liquid Marketplace operates a platform designed to facilitate fractional ownership of collectible assets, including trading cards and other alternative assets. The company’s model involves tokenizing high-value assets to allow user to purchase fractional interests in these assets.
The enforcement proceeding remains ongoing before the Capital Markets Tribunal, and the amended application represents the current operative document governing the matter.
Observers note that the removal of several previously referenced allegations narrows the scope of the case compared to earlier public descriptions. As a result, widely circulated claims referencing multi-layered fraud, investor misappropriation, and fraudulent fundraising are not part of the amended enforcement application currently before the tribunal.
Further developments in the proceeding are expected as the matter continues through the tribunal process.
See amended application here:
