OSC Panel Issues Sanctions Against Zungui Haixi Corporation, Yanda Cai and Fengyi Cai for Breaches of Ontario Securities Law
TORONTO, Aug. 29, 2012 /CNW/ - A panel of the Ontario Securities Commission (OSC) today released its Reasons and Decision on Sanctions and Costs against Zungui Haixi Corporation, Yanda Cai and Fengyi Cai ("the Respondents").
In its decision on sanctions and costs, the OSC panel found that "the Respondents have demonstrated a total and continuing disregard for their obligations under Ontario Securities law" and "have demonstrated from their conduct that they are fundamentally ungovernable." Accordingly, the OSC panel made protective orders permanently removing the Respondents from Ontario capital markets, including permanently prohibiting Yanda Cai and Fengyi Cai from becoming or acting as directors or officers of any issuer and prohibiting trading in any securities of Zungui. In addition, the OSC panel ordered that Yanda Cai and Fengyi Cai, on a joint and several basis, pay $63,667.50 in costs to the Commission.
A copy of the Commission's Reasons and Decision on Sanctions and Costs as well as a copy of the Commission's Oral Reasons and Decision on the merits in this matter are both available on the OSC website at www.osc.gov.on.ca.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC's investor materials available at www.osc.gov.on.ca
SOURCE: Ontario Securities CommissionFor further information:
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