A pair of former Burnaby residents who operated an online advertising company have been fined $28 million and banned from trading by the British Columbia Securities Commission for committing fraud and other securities-related infractions.
In a statement released Monday, the BCSC announced fines and bans against Guan Qiang Zhang and Yan Zhu, also known as Rachel Zhu. The securities commission also fined and cease-traded the company the pair co-founded, Bossteam E-Commerce.
The BCSC statement noted that the panel found that Zhu, Zhang, and Bossteam committed several infractions, “including fraud, illegally distributing securities, and withholding information from BCSC investigators and instructing their employees and investors to do the same.”
Justin Beddall – Burnaby NewsLeader – July 9, 2015.
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