July 8, 2011
Vancouver – Two individuals were arrested last week following an extensive investigation by the British Columbia Securities Commission’s Criminal Investigations Team.
Arrest warrants were issued for Ronald James Conn and his wife, Sze Man “Ella” Conn, on June 28, 2011. The warrant was in connection with multiple charges under the Securities Act and Criminal Code, including unlawful trading, fraud, and breach of previously imposed bail conditions. The Conns were arrested outside a residence in Vancouver by members of the BCSC’s Criminal Investigations Team, with assistance from the Vancouver Police Department.
It is alleged that Ronald Conn (and to a lesser extent Ella Conn) solicited over a million dollars from 21 different investors between July of 2008 and September of 2010. As a result, Ronald Conn is charged with 119 counts under the Securities Act and 15 counts under the Criminal Code. Ella Conn is charged with five counts under the Securities Act and one count under the Criminal Code.
This is the third arrest for Ronald Conn and the second arrest for Ella Conn related to illegal trading in the securities of Follicles, a company involved in the manufacture of a hair-restoration device. Ronald Conn was first charged, arrested and released on bail in May of 2010. Ronald and Ella Conn were then together charged, arrested and released on bail in October of 2010. These previous arrests stemmed from 20 charges against Ronald Conn and four charges against Ella Conn.
Ronald Conn was also sanctioned by the BCSC under the Securities Act in 1997 for his then involvement with a company called Mindoro Corporation. As a result of these proceedings, Ronald Conn received a 15-year trading ban and a $50,000 fine.
Since the arrests, Ella Conn has been released on bail, while Ronald Conn remains in custody awaiting completion of his bail hearing.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province.
Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
If you have questions, contact Richard Gilhooley, media relations, at 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
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