Quantcast
Channel: HuffPost Canada Business
Viewing all articles
Browse latest Browse all 14119

Alberta securities regulator accuses 2 Wongs Make It Right of bilking investors

$
0
0

EDMONTON - Alberta's securities regulator is accusing a company called 2 Wongs Make It Right Enterprises of getting it wrong.

The Alberta Securities Commission alleges the Edmonton-based company improperly raised almost $7.8 million from 46 investors for real estate developments in the capital region.

The directors of 2 Wongs face allegations of fraud, acting as advisers without being registered and trading securities without filing a prospectus.

The commission says some money has been paid back to investors, but $4.4 million remains unaccounted for.

Khom Wong and Janeen Wong are to appear before a commission hearing in Calgary June 11 on five allegations

The maximum penalty for any breach is a $1 million fine and a lifetime ban from trading securities in Alberta.

Other affiliated companies named in the action include Integrity Plus Management, Canreig Edmonton and 1409779 Alberta.


Viewing all articles
Browse latest Browse all 14119

Trending Articles