VANCOUVER, Dec. 20, 2012 /CNW/ - The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that two B.C. residents and a Nevada corporation whose securities are quoted on the Pink Sheets in the U.S. engaged in an illegal distribution of securities, and breached a cease trade order.
The notice alleges that on October 5, 2010, Alexander Anderson and Ken Chua distributed shares of Oriens Travel and Hotel Management Corp to three B.C. residents without having filed a prospectus. Oriens, an OTC reporting issuer in B.C., was the subject of a cease trade order by the Corporate Finance division of the BCSC in January 2009.
BCSC staff contend that by distributing shares without a prospectus and while the company was the subject of a cease trade order, Anderson, Chua and Oriens authorized, permitted or acquiesced in the contravention of securities laws. Anderson and Chua, in failing to tell the investors about the cease trade order, are also alleged to have made misrepresentations.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website www.bcsc.bc.ca by typing Alexander Anderson, Ken Chua, Oriens Travel and Hotel Management Corp. or 2012 BC SECCOM 485 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
For media inquiries, please contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, please call 604 899 6854 or 1 800 373 6393 (toll free).
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission