BCSC reaches settlements in illegal distribution cases
VANCOUVER, Oct. 21, 2019 /CNW/ - The British Columbia Securities Commission (BCSC) has reached settlement agreements with three B.C. men and one man from Alberta who were involved in companies that were illegally selling shares.
Chung-Shen "Johnson" Kao, Gagan Deep Bachra, Chi Kay "Dixon" Wong and Meng Cher "Phillip" Tsai were nominee directors of three companies that raised a total of $19.6 million between 2016 and 2017:
FS Financial Services (Alberta) Inc., of which Kao was a director, raised $12.6 million from 72 investors in B.C.
Verico FS Capital Inc., of which Bachra was a director, raised $5.38 million from 35 investors
FS Financial Systems Inc., of which Wong and Tsai were directors, raised $1.62 million from 15 investors
All of the money was raised without a prospectus, a formal document that explains the details of an investment and the risks involved. None of the investors qualified for an exemption from the prospectus requirements under the Securities Act.
Kao, an Alberta resident, admitted that by acting as a nominee director he engaged in conduct abusive to the capital market. The other three admitted to allowing an illegal distribution of securities.
As part of the settlement, Wong has agreed to pay $15,000, and Tsai and Bachra have agreed to each pay $7,500, to the BCSC. All four men are required to take a course on the duties and responsibilities of corporate officers and directors.
Wong, Bachra and Tsai are prohibited for two years and Kao is prohibited for one year from:
trading in or purchasing securities or exchange contracts (with some limited exceptions)
relying on any exemption under the Securities Act
being a director or officer of any issuer or registrant
being or acting as a registrant or promoter
acting in a management or consultative capacity in connection with the securities market
and engaging in investor relations activities
None of the men have any history of securities misconduct and all of them invested their own funds into their respective companies.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
A securities market that is fair and warrants public confidence
A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
GBank Financial Holdings Inc. (the "Company") , the parent company for GBank (the "Bank"), today announced it will host its annual meeting of shareholders on Tuesday, May 7, 2024, at 2:00 p.m. (PST). Shareholders will be able to listen from their...
Transaction in Own Shares 25 April, 2024 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Shell plc (the ?Company') announces that on 25 April 2024 it purchased the following number of Shares for cancellation. Aggregated information on Shares purchased according...
Greystar Real Estate Partners, LLC ("Greystar"), a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, announced that Jessup House, located at 12th and Sansom, and open...
The Competition Bureau announced today that it has entered into a consent agreement with the Yukon Real Estate Association (YREA) to address concerns with its membership practices in the real estate sector.
A Bureau investigation found that the YREA...
Rentec Direct, an award-winning property management software, is pleased to announce the release of its new mobile app designed for rental property management. The property management app offers landlords, investors, and property managers the...
Sedgwick, a leading global provider of claims management, loss adjusting and technology-enabled business solutions, announced that Dave North will retire from his role as Executive Chairman of Sedgwick, effective June 30, 2024 but will remain a...