ASC alleges illegal distributions, misrepresentations, and fraud in Edmonton real estate investment schemes

CALGARY, May 12, 2014 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that 2 Wongs Make It Right Enterprises Ltd. and its principals, Khom Wong and Janeen Wong, took part in illegal distributions of the securities of 2 Wongs and affiliated investment vehicles for real estate schemes in and around the City of Edmonton.

ASC staff also allege that Khom Wong made misrepresentations to investors and counselled them to engage in bank fraud to borrow money for their investments in the schemes. Khom Wong is also accused of using investor funds for unauthorized purposes.

These allegations have not been proven.

An appearance to set a date for a hearing will be held on Wednesday, June 11, 2014, at 1:30 p.m. in the ASC Hearing Room on the 5^th floor, 250 - 5^th Street S.W., Calgary, Alberta.

A copy of the Notice of Hearing can be found on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE: Alberta Securities Commission

For Media Inquiries:

Mark Dickey
Senior Communications Advisor
403.297.4481

For Investor Inquiries:

ASC Public Inquiries
Toll Free 1.877.355.4488