HedgeCo.Net (West Palm Beach) – Three men from British Columbia are being investigated after the executive director of the British Columbia Securities Commission issued a notice of hearing alleging that they defrauded investors by illegally selling millions of dollars in securities to residents of B.C and elsewhere.
According to the report, Alvin Lee Johnson, Heng Goh, and Victor Schwab violated various securities laws spanning February 2002 to April 2005. Without registering with the British Columbia Securities Commission and without filing the required prospectus, Johnson and Schwab reportedly distributed about $4.5 million of NOF Electrical Generation Inc. and $2.1 million of Advanced Rescue Technologies Inc. securities.
Transactions were done through their company, VG Captial Group Inc., which sold about $2.6 million in securities to 45 investors. The company was less than upfront to investors about where the money was going, their investment strategy, and how risky the investments were.
Dates for the hearings have yet to be set. If convicted, the men could face a lifetime ban from the British Columbia securities market and up to $1 million in fines.
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: [email protected]
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