Two Men Who Broke B.C. Securities' Laws Penalized, Face Trading Bans

Darpan News Desk The Canadian Press, 12 Jan, 2016 11:47 AM

VANCOUVER — Two men have been ordered to pay the British Columbia Securities Commission a total of $278,000 for breaking provincial trading rules.

Alexander Downie was the founder and director of HRG Healthcare Resource Group Inc., and Daniel Mohan served as director and CEO.

The company was developing a web-based, bedside medical records and entertainment system for hospital patients, but neither man was registered to sell securities in B.C.

The commission says the company distributed millions of dollars in securities to investors and filed false reports to the independent agency.

It says the men who raised $4.45 million from 123 people who lost all their money have now been banned from trading or buying securities for seven years.

Mohan and Downie have been ordered to each pay $75,000 in penalties, but Mohan must also pay $103,530 in commission he received during the company's capital-raising efforts.

Prev Next

MORE National ARTICLES

B.C. Union Workers Say They Want Legalized Pot To Be Sold In Their Stores

BURNABY, B.C. — The unions representing British Columbia liquor retail workers want legalized marijuana to be sold in their stores.

B.C. Union Workers Say They Want Legalized Pot To Be Sold In Their Stores

Bank Of Canada Keeps Benchmark Rate At 0.5% With Economy Unfolding As Expected

OTTAWA — The Bank of Canada left its trend-setting interest rate unchanged Wednesday, saying the economy is adjusting as expected to the bite of low commodity prices and weaker-than-anticipated U.S. demand.

Bank Of Canada Keeps Benchmark Rate At 0.5% With Economy Unfolding As Expected

Pickup Trucks Dominate Most-stolen List In Canada

TORONTO — An insurance industry association says pickup trucks represent are the hottest vehicle for thieves.

Pickup Trucks Dominate Most-stolen List In Canada

Among The Rockettes At Radio City This Year Are 3 Alberta Sisters

NEW YORK — The world-famous Rockettes are supposed to look alike, but fans this Christmas might do a double take — and then a triple-take.

Among The Rockettes At Radio City This Year Are 3 Alberta Sisters

Mark Zuckerberg Welcomes His Daughter, And Will Devote $45 Billion To Combat World Ills

Talk about birth announcements: Facebook CEO Mark Zuckerberg and his wife said they'll devote nearly all their wealth — roughly $45 billion — to good works in celebration of their new baby daughter, Max.