CALGARY, Oct. 11, 2013 /CNW/ - Alberta Securities Commission (ASC) staff
are seeking to reciprocate an order imposed by the Ontario Securities
Commission (OSC) against Morgan Dragon Development Corp., John Cheong
(a.k.a. Kim Meng Cheong) and Herman Tse of Ontario.
An OSC panel found that from 2007 until 2011, Cheong, Tse and their
employees solicited the sale of Limited Partnership Units to Alberta,
British Columbia and Saskatchewan residents. The OSC panel also found
that Morgan Dragon, Cheong and Tse traded in these securities without
being registered and without a prospectus. On April 10, 2013, the OSC
ordered, among other things, that Tse and Cheong cease trading in and
purchasing any securities for a period of five years.
The ASC seeks to reciprocate the OSC order to protect Alberta investors
and the Alberta capital market.
It is anticipated that the ASC panel will consider this application in
the near future.
A copy of the Notice of Hearing 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
For further information:
For Media Inquiries:
Senior Communications Advisor
For Investor Inquiries:
ASC Public Inquiries
Toll Free 1-877-355-4488