VANCOUVER, Sept. 25, 2015 /CNW/ - A British Columbia Securities Commission (BCSC) panel has found that Alfredo Miguel "Michael" Yong, Inverlake Property Investment Group Inc., and Wheatland Business Park Ltd. illegally distributed securities. In the same decision, the panel dismissed allegations of fraud against Yong, Inverlake, and Wheatland.
Inverlake is an Alberta corporation that was incorporated in March 2008, and Wheatland is an Alberta corporation that was incorporated in June 2008. Inverlake and Wheatland were incorporated to raise money for the purposes of acquiring and holding land in Alberta. Yong founded both companies.
Yong was a B.C. resident until late in 2008, at which point he moved to Alberta. For the relevant period, Yong was the sole director of both Inverlake and Wheatland, neither of which has ever filed a prospectus is B.C.
In the original notice of hearing, the Executive Director of the BCSC alleged that Yong lied to investors about the purchase price of the land to be acquired by Inverlake, and, years later, failed to inform investors about a subsequent foreclosure on that land. The panel dismissed both allegations.
The panel did find that Yong distributed securities in both Inverlake and Wheatland without a prospectus. In its decision, the panel made various findings of illegal distribution against the respondents:
- Yong and Inverlake, with respect to distributions to 23 investors for a total of $910,650; and
- Yong and Wheatland, with respect to distributions to 15 investors for a total of $1,090,479.
The Inverlake investors have lost all of their money, while the current status of the investments in Wheatland are unknown.
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
You may view the findings decision on our website www.bcsc.bc.ca by typing Inverlake Property Investment Group Inc., Wheatland Business Park Ltd., Alfredo Miguel Yong, or 2015 BCSECCOM 348 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission