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SOURCE Alberta Securities Commission
CALGARY, Jan. 8, 2014 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated bans imposed by the Ontario Securities Commission (OSC) against Morgan Dragon Development Corp., John Cheong (a.k.a. Kim Meng Cheong) and Herman Tse (the Respondents).
An ASC panel ordered, among other things, that for five years from April 10, 2013:
In an April 2013 settlement agreement with the OSC, the Respondents acknowledged, among other things, that from 2007 until 2011 they illegally sold securities to residents of without being registered and without a prospectus.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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