Through its still ongoing investigations, the Receiver has determined that Dixit personally received, either directly or through corporate entities under his ownership and control over approximately USD.8 million in affiliate funds spent by affiliates on Banners Broker advertising products.
Together they were involved in and/or operated the "Banners Broker" online enterprise("Banners Broker").
The Ontario Securities Commission (OSC) began investigating Banners Broker in early 2013.
The status of its investigation is unknown and may still be pending.
In effect, the Banners Broker "product", which was described as "advertising", offered affiliates the opportunity to double their money.5.
Now defunct, various of the corporate entities making up the Banners Broker enterprise,are currently subject to insolvency proceedings in the Isle of Man (in the case of BBIL), as well as in Canada (in the case of BBIL, Stellar Point and others).6.