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
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.