CALGARY, Nov. 14 /CNW/ - The Alberta Securities Commission (ASC) has
ordered Wai-Leung (Danny) Cheng and Lisa Wong to pay a total of $110,000 in
administrative penalties and costs related to their part in the illegal
trading of Carling Development Inc. securities. An ASC panel also ordered
market bans (with exceptions) against Cheng and Wong for seven years and three
years respectively. Carling Development Inc. was given a 10-year market ban.
Cheng and Wong admitted to the panel that they raised approximately
$3.5 million from roughly 150 Alberta investors, as part of the development of
three real estate projects to be undertaken by Carling Development Inc. and
Carling Development (BC) Ltd. None of the projects has been completed.
In accepting ASC staff and respondents' counsel's joint recommendation
for sanctions, the panel concluded that by their actions "the Respondents
exposed identifiable investors to both the risk and reality of direct
financial harm" and that "the Respondents' misconduct was serious and
deserving of commensurate sanction."
A copy of the decision is available 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 markets.
For further information:
For further information: For Media Inquiries: Mark Dickey, Senior
Communications Advisor, (403) 297-4481, firstname.lastname@example.org; For Investor
Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488