VANCOUVER, Aug. 13 /CNW/ - The Executive Director of the British Columbia
Securities Commission has issued a notice of hearing alleging that an
accountant employed by a former TSX Venture Exchange company was an
undisclosed director of the firm who participated in an illegal distribution
and failed to file insider reports.
The notice of hearing says that, from about July 2001 onward Henry Jung,
a chartered accountant, was or acted as a senior officer and a de facto
director of Bright Star Ventures Ltd. It also states that David John Allen and
Reginald Clarke Handford, both former presidents of Bright Star, signed
quarterly reports for the company in 2002 and 2003 that omitted Jung's name as
an officer or director.
According to the allegations in the notice, Jung, as a senior officer and
director, failed to file insider reports when he traded Bright Star shares in
781 transactions through accounts held at multiple dealers. It also alleges
Jung traded and distributed about $3.4 million of securities to approximately
127 investors without being registered and without a prospectus being filed.
Bright Star had an office in Vancouver and traded on the TSX Venture
Exchange prior to the suspension and eventual delisting of its shares in April
These allegations have not been proven. Counsel for the Executive
Director will apply to set dates for a hearing into the allegations before a
panel of commissioners.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the province.
You may view notices of hearings on our website www.bcsc.bc.ca. If you have
questions, contact Ken Gracey, Media Relations, 604-899-6577.
For further information:
For further information: Ken Gracey, (604) 899-6577; or (B.C. & Alberta)