CALGARY, Feb. 27, 2014 /CNW/ - Alberta Securities Commission (ASC) staff are seeking to reciprocate an order imposed by the British Columbia Securities Commission (BCSC) against Wong Sang Chen Cho (a.k.a. Craig Cho), d.b.a. Chosen Media (Chosen Media) and Groops Media.
A BCSC panel found that Cho committed fraud through his various businesses, including Chosen Media and Groops Media. Cho admitted he promised extremely high rates of return that were "risk free", and admitted he told investors that profits would be generated by the "generous sign-up and reload bonuses" provided by sports-betting websites.
Among other things, the BCSC permanently banned Cho from trading in securities, purchasing securities or exchange contracts, and from becoming or acting as a director or officer of any issuer or registrant. The BCSC also permanently cease-traded Chosen Media and Groops Media.
ASC staff seek to reciprocate the BCSC order to ensure the same capital market prohibitions are applied against Cho, Chosen Media and Groops Media in Alberta.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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