|By Marketwired .||
|July 9, 2014 01:30 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/09/14 -- The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that two Vancouver residents acted contrary to the public interest, and that one of them made false or misleading statements to commission staff while under oath.
The notice alleges that Zhong Wen and Anhong Liu, both of whom are unemployed, conducted wash trades and entered and cancelled pre-opening orders on the TSX Venture Exchange via a number of brokerage accounts held by the couple. A wash trade is when a person simultaneously buys and sells the same security, which can create a false appearance of trading activity. Wen and Liu are married, and both are Canadian citizens.
Commission staff interviewed Liu in January 2013 and asked her under oath why she had used her brokerage accounts to enter and cancel pre-opening buy orders. Liu stated that her computer froze, and she inadvertently entered the orders by randomly clicking her mouse and pressing buttons on her keyboard. Commission staff maintains that Liu's statement was false or misleading, and contrary to securities laws.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on August 5, 2014 at 9:00am.
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing Zhong Wen, Anhong Liu, or 2014 BCSECCOM 244 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
-- A securities market that is fair and warrants public confidence -- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org.
604-899-6854 or 1-800-373-6393 (toll free)
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