Update: Investor Warning - G.W. Trust and Transfer Services Limited and Morgan Dragon Development Corp.

Jan 24, 2014, 11:01 ET from Ontario Securities Commission

TORONTO, Jan. 24, 2014 /CNW/ - The Ontario Securities Commission (OSC) is alerting investors to additional concerns with respect to Morgan Dragon Development Corp. (MD Development) and its principals, John Cheong and Herman Tse.

The OSC issued an Investor Alert on January 30, 2012, which warned investors not to purchase securities from MD Development, John Cheong and Herman Tse.

The OSC is now warning investors against sending money to an entity called G.W. Trust and Transfer Services Limited (G.W. Trust), a company that appears to be associated with MD Development and to be running a fraudulent "advance fee" scheme in the form of a "Non-resident tax". Representatives of G.W. Trust are contacting investors, offering to purchase MD Development shares held by investors if the investor makes an advance fee payment to G.W. Trust. Investors are in danger of being defrauded of the fees they send and never receiving payment for the securities that are purportedly being sold for them.

MD Development, Mr. Cheong, Herman Tse and G.W. Trust are not registered in any capacity with the OSC. G.W. Trust has never been registered with the OSC in any capacity and the OSC suspended the registration of MD Development, Mr. Cheong and Mr. Tse on January 27, 2012.

Investors are asked to contact the OSC Contact Centre at 1-877-785-1555 for assistance if approached by these entities.

The January 30, 2012 Investor Alert is available on the OSC website at www.osc.gov.on.ca. If you have any questions or information relating to this matter, please contact the OSC Contact Centre at 1-877-785-1555.

SOURCE Ontario Securities Commission