News Release
Husband and wife banned from securities market for illegal distributions
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Date:
2004-11-17 -
Number:
2004/46
Vancouver – In a settlement, the British Columbia Securities Commission has banned a husband and wife from the securities market after they admitted to illegally distributing securities.
Johnathan Lam Wai Tsang and Selena Ching Wan Tsang are barred from trading, acting as directors or officers of any issuer and engaging in any investor relations activities for at least seven years. They agreed to pay $10,000 to the BCSC with $1,000 representing investigation costs. The BCSC also permanently cease-traded RAB Energy Corp. (I) Limited, a Hong Kong-incorporated company with its head office in Vancouver.
In October 2001, the Tsangs were the controlling shareholders and directors of RAB. At the time, Johnathan was registered under the Securities Act to sell mutual funds and Selena was a former registrant under the Act. During the three-month period ending Jan. 30, 2002, the Tsangs and RAB illegally distributed RAB securities to 39 investors, including 31 from B.C, raising US$676,100.
The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlementon our website www.bcsc.bc.ca. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.