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

Laws Preceding Smartphone Era Collide With Digital Reality In High School Sexting Cases

Laws from the pre-smartphone era are colliding with the digitally saturated reality of today's high schools in recent sexting cases across the country.

Laws Preceding Smartphone Era Collide With Digital Reality In High School Sexting Cases

Ontario's Elementary Teachers Vote 86 Per Cent In Favour Of New Contract Deal

Ontario's elementary teachers have ratified a new central contract agreement with the provincial government, bringing a formal end to their work-to-rule campaign.

Ontario's Elementary Teachers Vote 86 Per Cent In Favour Of New Contract Deal

Taxpayers Group Says Alberta School Board Association Spent $41,000 On Gifts, Meals

CALGARY — A taxpayers watchdog group says the Alberta School Boards Association spent more than $41,000 on staff gifts, meals, recognition and events planning between 2012 and 2014.

Taxpayers Group Says Alberta School Board Association Spent $41,000 On Gifts, Meals

Proposed Small-Scale Moose Cull In National Park Sparks Protest, Confrontation

The head of an organization that represents about 4,000 anglers and hunters in Nova Scotia says a Parks Canada plan to kill about 40 moose in a small section of Cape Breton Highlands National Park is badly flawed.

Proposed Small-Scale Moose Cull In National Park Sparks Protest, Confrontation

Bank Of Canada Looks To Innovate As Conventional Monetary Policy 'Stretched'

The Bank of Canada has embarked on a three-year quest to explore lessons learned since the financial crisis and attempt to brace for turbulence that may lie ahead.

Bank Of Canada Looks To Innovate As Conventional Monetary Policy 'Stretched'

B.C. Budget Committee Highlights Need For Adequate Education Funding

The committee recommends the Finance Ministry provide stable and adequate funding to school districts in order to provide quality education.