Decisions
Wai-Leung Cheng and Lisa Wong [Reciprocal Order]
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BCSECCOM #:
2008 BCSECCOM 370
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Document Type:
Reciprocal Order
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Published Date:
2008-07-09
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Effective Date:
2008-06-24
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Details:
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2008 BCSECCOM 370
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2008 BCSECCOM 370
Reciprocal Order
Wai-Leung Cheng (aka Danny Cheng) and Lisa Wong
Section 161(1) of the Securities Act, RSBC 1996, c. 418
Introduction
¶ 1 This is an order under sections 161(1) and 161(6)(c) of the Securities Act, RSBC 1996, c.418.
Background
¶ 2 Wai-Leung Cheng (aka Danny Cheng) and Lisa Wong are subject to orders made by the Alberta Securities Commission imposing sanctions on them in a decision rendered November 13, 2007 in Cheng, Re 2007 ABASC 834.
Orders
¶ 3 After providing Cheng an opportunity to be heard, and considering it to be in the public interest, we order:
- 1. under section 161(1)(b) of the Act, that Cheng cease trading in, and is prohibited from purchasing, securities and exchange contracts, except that Cheng may trade or purchase securities and exchange contracts through accounts in his name at a registered dealer,
2. under section 161(1)(d)(i) and (ii), that Cheng resign any position Cheng holds as, and is prohibited from becoming or acting as, a director or officer of any issuer, registrant or investment fund manager, except Carling Development Inc., in accordance with the Alberta Securities Commission decision, and issuers all the securities of which are owned beneficially by him, his wife or his children,
3. under section 161(1)(d)(iii), that Cheng is prohibited from becoming or acting as a registrant, investment fund manager or promoter,
4. under section 161(1)(d)(iv), that Cheng is prohibited from acting in a management or consultative capacity in connection with activities in the securities market, and
5. under section 161(1)(d)(v), that Cheng is prohibited from engaging in investor relations activities,
- until November 13, 2014.
¶ 4 After providing Wong an opportunity to be heard, and considering it to be in the public interest, we order:
- 1. under section 161(1)(b) of the Act, that Wong cease trading in, and is prohibited from purchasing, securities and exchange contracts, except that Wong may trade or purchase securities and exchange contracts through accounts in her name at a registered dealer,
2. under section 161(1)(d)(i) and (ii), that Wong resign any position Wong holds as, and is prohibited from becoming or acting as, a director or officer of any issuer, registrant or investment fund manager, except issuers all the securities of which are owned beneficially by her, her husband or her children,
3. under section 161(1)(d)(iii), that Wong is prohibited from becoming or acting as a registrant, investment fund manager or promoter,
4. under section 161(1)(d)(iv), that Wong is prohibited from acting in a management or consultative capacity in connection with activities in the securities market, and
5. under section 161(1)(d)(v), that Wong is prohibited from engaging in investor relations activities,
- until November 13, 2010.
¶ 5 June 24, 2008
¶ 6 For the Commission
Brent W. Aitken
Vice Chair
Shelley C. Williams
Commissioner