|By Marketwired .||
|July 11, 2014 01:45 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/11/14 -- The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that an analyst for a global institutional investor tipped his sister and engaged in illegal insider trading.
The notice alleges that while Hon Seng Lum (also known as Victor Lum) was in a special relationship with Baja Mining Corp., he instructed his sister, May Lee Chan Lum, to trade in shares of Baja. At the time he sent the instructions, Hon Seng was aware of material information that had not been generally disclosed regarding a cost overrun on the Boleo copper mine project. Both Hon Seng Lum and his sister are Singapore citizens, and Hon Seng was a resident of Hong Kong during the relevant period.
Baja is a B.C. reporting issuer with its head office and management located in Vancouver, B.C. At all material times, Baja had its securities listed on the Toronto Stock Exchange and was quoted on the OCTQX. The Boleo project is Baja's sole asset.
Hon Seng was employed by Mount Kellett Capital (Hong Kong) Limited, a research center operated by Mount Kellett Capital Management LP, a global institutional investor. Hon Seng analysed and evaluated natural resource investments for MK Hong Kong. A condition of his employment was that he not trade in companies that he was evaluating.
The notice states that between May 15 and 17, 2012, Hon Seng, as a representative of MK Capital, participated in an on-site visit with management at the Boleo project. Pursuant to a non-disclosure agreement, Hon Seng was allowed access to detailed information regarding the cost overrun that had not been publicly disclosed.
The notice states that Hon Seng determined that the actual cost overrun was more significant than had been initially disclosed. Through a series of text messages on Friday, May 18, 2012, Hon Seng told May Lum to place a sell order on Baja shares, instructing her to "sell the baja shares tonite...so that half of our position is sold" and stressing to her that he "was counting on u."
On the same date, May Lum sold half of their position in Baja (182,500 shares). May Lum sold the shares through a Singaporean brokerage account of a British Virgin Islands company controlled by May Lum of which she was the sole beneficial account holder, thereby concealing Hon Seng's connection to the trades. Hon Seng also failed to report to his employer that he was trading in Baja shares.
The notice also alleges that between May and November, 2012, Hon Seng sent numerous text messages to May Lum with instructions to trade in securities of companies in MK Capital's portfolio of investments, some of which Hon Seng had been involved in assessing the investment potential.
BCSC staff contends that Hon Seng breached securities laws by using material information that had not been generally disclosed to trade securities. The shares were sold while Hon Seng was in a special relationship with Baja, and with knowledge of the cost overrun before such information was generally disclosed. Additionally, BCSC staff maintains that the alleged conduct of both Hon Seng and May Lum is contrary to the public interest.
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 September 2, 2014 at 9:00am.
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing Hon Seng Lum, May Lee Chan Lum, or 2014 BCSECCOM 273 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
Richard Gilhooley, Media Relations
604-899-6854 or 1-800-373-6393 (toll free)
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
May. 31, 2016 09:45 AM EDT Reads: 893
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
May. 31, 2016 09:30 AM EDT Reads: 868
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
May. 31, 2016 09:30 AM EDT Reads: 1,040
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
May. 31, 2016 09:15 AM EDT Reads: 885
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
May. 31, 2016 09:15 AM EDT Reads: 822
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some...
May. 31, 2016 09:00 AM EDT Reads: 3,262
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 31, 2016 09:00 AM EDT Reads: 2,436
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 31, 2016 08:45 AM EDT Reads: 2,418
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
May. 31, 2016 08:45 AM EDT Reads: 3,064
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
May. 31, 2016 08:15 AM EDT Reads: 2,125
"What we see what happens when you have a completely networked society and the potential to now drive the value creation and the collaboration and the ecosystems that are possible when you start to be able to connect people and industries together in ways that have never been possible before," explained Esmeralda Swartz, VP of Marketing Enterprise & Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
May. 31, 2016 08:15 AM EDT Reads: 1,824
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
May. 31, 2016 08:00 AM EDT Reads: 1,884
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 31, 2016 08:00 AM EDT Reads: 2,346
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
May. 31, 2016 07:45 AM EDT Reads: 1,700
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
May. 31, 2016 07:45 AM EDT Reads: 1,829