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
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
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.
A copy of the decision is available on the ASC website at www.albertasecurities.com.
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
SOURCE: Alberta Securities Commission
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