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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

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