VANCOUVER, Sept. 7, 2012 /CNW/ - A British Columbia Securities
Commission panel has revoked a temporary order and maintained a freeze
order against two Burnaby residents and an unregistered Burnaby
On April 30, 2012, the executive director issued a notice of hearing and
temporary orders against Yan Zhu (also known as Rachel Zhu), Guan Qiang
Zhang, and Bossteam E-Commerce Inc, alleging that they were running a
Ponzi scheme. Zhu and Zhang are Burnaby residents.
On April 30, the commission made an order to freeze certain of the
The orders were made in connection with an investigation into certain
activities of Zhu, Zhang and Bossteam. BCSC staff is alleging that
those activities contravened the Securities Act.
At a hearing on July 18, the executive director asked the panel to
extend the temporary orders, and Zhu, Zhang and Bossteam applied to
have the freeze order revoked.
The panel refused both applications. It said its reasons will follow.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the decision on our website, www.bcsc.bc.ca, by typing Yan/Rachel Zhu, Guan Qiang Zhang, Bossteam E-Commerce Inc.
or 2012 BCSECCOM 349 in the search box. Information regarding
disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE: British Columbia Securities Commission
For further information:
For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713.For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).