Friday, January 30th1.9°C
24779
24890

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

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.

The Canadian Press


Read more Business News

24153


Recent Trending




Today's Market
S&P TSX14673.48+37.521
S&P CDNX676.81+9.70
DJIA17164.95-251.90
Nasdaq4635.24-48.167
S&P 5001994.99-26.26
CDN Dollar0.7856-0.0067
Gold1286.60-5.10
Oil49.60+3.16
Lumber322.50+0.70
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.400.00
Cantex0.035-0.005
Anavex Life Sciences0.174-0.006
Metalex Ventures0.040.00
Russel Metals23.42-0.16
Copper Mountain Mining0.99+0.01
Colorado Resources0.150.00
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.050.00
Mission Ready Services0.2350.00

 



23015

FEATURED Property
2018856#5 3585 Elk Road, West Kelowna
2 bedrooms 1 baths
$69,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Leaving a job: changing careers

Many people, who find themselves out of work and with time on their hands, and money in their pockets due to lay-off, start thinking about a career change. If you weren’t happy with the directio...


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...

_





24709


Member of BC Press Council


23646