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

TORONTO, Jan. 24, 2014 /CNW/ - The Ontario Securities Commission (OSC) is alerting the public to additional concerns with respect to investors in Morgan Dragon Development Corp. (MD Development).

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 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.

G.W. Trust has never been registered with the OSC in any capacity.

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

For further information: For Media Inquiries: media_inquiries@osc.gov.on.ca; Carolyn Shaw-Rimmington, Manager, Public Affairs, 416-593-2361; Aly Vitunski, Senior Media Relations Specialist, 416-593-8263; Alison Ford, Media Relations Specialist, 416-593-8307; Follow us on Twitter: OSC_News (https://twitter.com/OSC_News); For Investor Inquiries: OSC Contact Centre, 416-593-8314, 1-877-785-1555 (Toll Free)