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.
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.
SOURCE: Alberta Securities Commission
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