VANCOUVER, March 27 /CNW/ - The Executive Director of the British
Columbia Securities Commission has issued a notice of hearing to request
extending a temporary order against a former B.C. registrant who is facing
charges of fraud and conspiracy in the United States.
The notice of hearing says that grand juries in New York and New Jersey
filed indictments against Philip Wong, a former B.C. registrant and stock
promoter. The charges relate to issuers that trade in the U.S.
In December 2006, the Southern District of New York filed an indictment
alleging Wong, a Vancouver resident, schemed to defraud investors by bribing
financial advisers to cause their customers to buy shares of eNotes Systems,
Inc. (now Veridigm, Inc.). The indictment alleges these purchases permitted
Wong to generate cash by selling his eNotes shares.
The second indictment, filed in New Jersey in July 2007, alleges Wong and
Gerald Stefaniuk, a B.C. registrant, schemed to manipulate the market for the
securities of Secureware, Inc. by artificially inflating the demand and price,
in order to allow Wong to sell his shares at a profit. Wong allegedly
discussed his plan to bribe stockbrokers to buy Secureware shares with an FBI
American authorities arrested Wong in February 2008.
These allegations have not been proven. At the hearing, counsel for the
Executive Director will ask the Commission to adjourn the matter and extend
the temporary order pending the conclusion of the U.S. proceedings.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the province.
You may view notices of hearings on our website www.bcsc.bc.ca. If you have
questions, contact Ken Gracey, Media Relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education
For further information:
For further information: Ken Gracey, (604) 899-6577 or (B.C. & Alberta)