B.C. residents accused of $60M fraud involving company with no employees

VANCOUVER -- The B.C. Securities Commission is alleging that a brother and sister who operated two companies committed US$60 million in fraud and distributed securities illegally.

See Full Article

The commission says Winter Huang was a director and controlling mind of Pegasus Pharmaceuticals Group Inc., and Careseng Cancer Institute Inc., while his sister Vicky Dancho was a director, CEO and president of Careseng Cancer.

The commission alleges that Pegasus Pharmaceuticals committed fraud by issuing $36.4 million in bonds to Taiwanese investors that included guarantees by Careseng Cancer.

It says Huang and Dancho knew, or ought to have known, that these guarantees were false as Careseng Cancer had no operations, no employees, no revenue and less than US$50,000 in assets.

The commission says Pegasus fraudulently raised about US$15.4 million for projects in the Republic of Georgia and US$11.1 million for a project in China, of which only about US$2 million went toward the projects.

Pegasus Pharmaceuticals declined to comment through its lawyer, Owais Ahmed.


Latest Economic News

  • BlackBerry rolls out new DTEK60 smartphone designed by partner company

    Economic CTV News
    TORONTO -- BlackBerry released on Tuesday its second smartphone designed and built externally, the latest development in the company's push away from manufacturing handsets as it focuses more on its security software. The DTEK60, designed and manufactured by TCL Corp. Source
  • Nissan hiring 300 to develop common connected car technology

    Economic CTV News
    YOKOHAMA, Japan -- The top executive overseeing connected vehicles at Nissan and Renault believes the benefits of developing a common technology for connectivity within the Japanese and French auto partnership outweigh the risks of sustaining huge damage from a possible defect or cyberattack. Source
  • Troubled Italian bank unveils overhaul plan to stay afloat

    Economic CTV News
    MILAN -- Troubled Italian bank Monte dei Paschi di Siena unveiled Tuesday a restructuring plan that will include new management, thousands of job cuts, hundreds of branch closings and the disposal of soured loans in a bid to entice investors to inject up to 5 billion euros ($5.5 billion) in new capital. Source
  • U.K. to decide on new airport runway in crowded London

    Economic CTV News
    LONDON -- Britain's government is expected Tuesday to back a plan to expand London's Heathrow airport despite concerns about air pollution, noise and the destruction of homes in the capital's densely populated western neighbourhoods. Transport Secretary Chris Grayling will inform Parliament of the government's decision on how to expand London's airport capacity. Source
  • Ont. electricity system operator reports $80M loss after accounting change

    Economic CTV News
    TORONTO -- Ontario's efforts to ease the upward pressure on electricity rates has been dealt a setback by a change in accounting practices. In the government's public accounts for 2015-16, the Independent Electricity System Operator reported a "previously unrecognized actuarial loss and past service costs" of just over $80 million. Source
  • Asian stocks mixed after manufacturing reports offset by weak South Korea data

    Economic CTV News
    SEOUL, South Korea -- Asian stocks were mixed on Tuesday as upbeat reports on manufacturing in the U.S. and Europe were followed by weak growth data from South Korea, Asia's fourth-largest economy. KEEPING SCORE: Japan's Nikkei 225 rose 0.7 per cent to 17,354.68 while South Korea's Kospi fell 0.5 per cent to 2,036.86. Source
  • Global stocks mostly rise on upbeat economic data

    Economic CTV News
    SEOUL, Korea, Republic Of -- Global stocks mostly rose Tuesday amid upbeat economic reports and relatively strong corporate earnings. KEEPING SCORE: Britain's FTSE 100 added 0.4 per cent to 7,015 while France's CAC 40 gained 0.1 per cent to 4,555. Source
  • Galaxy Note recall, Hyundai strike hurting South Korea's economy

    Economic CTV News
    SEOUL, South Korea -- South Korea's third-quarter economic growth has slipped to its lowest level in more than a year, with Samsung's Galaxy Note 7 recall having an impact. The country's central bank said Tuesday that Asia's fourth-largest economy expanded 2.7 percent during the July-September quarter over a year earlier, the slowest pace since the second quarter of 2015. Source
  • Figuring out actual benefits of federal spending could take years: Poloz

    Economic CTV News
    OTTAWA - The Bank of Canada governor says it could take years of sifting through data before economists will know the actual impact of today's federal spending measures aimed at boosting the weak economy. Stephen Poloz made the comments Monday during testimony before the House of Commons finance committee. Source
  • Toronto lawyer Galati files constitutional challenge against EU trade deal

    Economic CTV News
    OTTAWA -- The Toronto lawyer who successfully challenged the previous Conservative government over one of its Supreme Court judge nominees is setting his sights on a new target: Canada's free trade deal with the European Union. Source