Vancouver man hid ownership stake in company by using fake names, regulator alleges
A Vancouver man used two false identities to conceal the fact that he owned nearly one-quarter of a publicly traded company's shares, according to the regulator of B.C.'s financial markets.
The allegations from the B.C. Securities Commission have not been proven. The commission's executive director will present evidence in a hearing on the matter sometime after Nov. 10.
The BCSC alleges that Vancouver resident Erwin Liem owned a total of 24.3 per cent of shares in a company now known as Mydecine Innovations Group, but previously known as NewLeaf Brands, New Age Brands Inc., and New Age Farm Inc.
Between July 2014 and April 2017, Liem used two false identities – Surya Chandra and Li Hong Chang – to acquire and hold the shares, the commission alleges. He also held some shares in his own name and some through companies he controlled, according to a notice of hearing published on the BCSC website.
The commission also alleges that Liem used a fake passport to open bank accounts under the "Chandra" alias, obtained a credit card in that name, and corresponded and signed documents as both Chandra and Chang.
What he didn't do, according to the BCSC, is file insider documents disclosing his ownership stake in the company, which is required for anyone who owns 10 per cent or more of a publicly traded company's shares.
Liem also allegedly failed to publish early warning reports and a news release regarding his ownership stake, which is also against the rules for people controlling such a substantial share of a corporation.
"By using the fake identities to conceal his ownership and control of the company’s shares, the BCSC alleges that Liem engaged in deceptive conduct that is abusive to the capital markets," the commission said in a news release.
Liem must appear at the BCSC's Vancouver offices on Nov. 10 if he wishes to be heard before the commission schedules a hearing on the matter.
CTVNews.ca Top Stories
'My family doctor just fired me': Ontario patients frustrated with de-rostering
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
Suspect sought after fatal slashing in downtown Toronto
Police are searching for a suspect in a homicide investigation after a man was slashed in downtown Toronto on Sunday.
Edibles, armchairs and adapters: Here are the recalls for this week
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
Putin replaces Russian defence minister in rare cabinet shakeup
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Wildfire near Fort McMurray more than triples overnight, several evacuation alerts remain in place
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Canada Post cracks down on Nunavut loophole to get free Amazon Prime shipping
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
Mother's Day movies that pull at ALL the heartstrings
This Mother's Day Weekend, take a look at some of the most emotional movies inspired by moms.
Ottawa pizzeria places among top 20 deep-dish pizzas in the world at international competition
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
WATCH Dashcam video shows terrifying near-miss on two-lane northern Ontario highway
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.