CALGARY, Jan. 8, 2014 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated bans imposed by the Ontario Securities Commission (OSC) against Morgan Dragon Development Corp., John Cheong (a.k.a. Kim Meng Cheong) and Herman Tse (the Respondents).
An ASC panel ordered, among other things, that for five years from April 10, 2013:
- the Respondents must cease trading in or purchasing securities and are banned from using all exemptions contained in Alberta securities laws;
- Cheong and Tse are prohibited from acting as a director or officer of any registrant or investment fund manager or Morgan Dragon Development Corp., Morgan Dragon Capital Fund Inc., Morgan Dragon Land Holding Inc. or Morgan Dragon Management Inc.;
- Cheong and Tse are prohibited from acting as a registrant, investment fund manager or promoter; and
- Morgan Dragon Development Corp. is prohibited from acting as a registrant.
In an April 2013 settlement agreement with the OSC, the Respondents acknowledged, among other things, that from 2007 until 2011 they illegally sold securities to residents of without being registered and without a prospectus.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE: Alberta Securities Commission