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
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
OPP responds to apparent video of officer supporting anti-Trudeau government protestors
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Loud boom in Hamilton caused by propane tank, police say
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.