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.



Advertisements

Latest Economic News

  • Marijuana companies band together to develop marketing guidelines

    Economic CTV News
    TORONTO -- Sixteen of Canada's licensed marijuana producers have enlisted the help of Advertising Standards Canada to develop guidelines on how the drug should be branded and promoted before its recreational use becomes legal next year. Source
  • Husky Energy set to repair pipeline that spilled crude into river a year ago

    Economic CTV News
    CALGARY -- Husky Energy (TSX:HSE) says it has been granted permission to repair and replace a section of pipeline that leaked 225,000 litres of crude in Saskatchewan just over a year ago. Chief executive Robert Peabody said that it will be applying lessons learned from the spill on the rebuild. Source
  • Ford says it will fight latest Takata recall

    Economic CTV News
    DETROIT -- Ford is fighting the latest expansion of the Takata air bag inflator recall. Earlier this month Takata filed documents with the U.S. government adding 2.7 million vehicles to the recall from Ford, Nissan and Mazda. Source
  • FedEx to close all Office Print and Ship Centres across Canada

    Economic CTV News
    FedEx Canada has announced that it will be closing all of its FedEx Office Print and Ship Centres, across Canada. All 24 centres, the manufacturing plant, and the head office in Toronto will close. Source
  • Car buying pushes retail sales up for third month in a row in May

    Economic CBC News
    Strong auto sector activity helped Canadian retail sales activity rise for a third straight month in May, climbing by 0.6 per cent to $48.9 billion, Statistics Canada said Friday. The monthly increase was double the consensus expectation of economists Source
  • Judge OKs $11.2M settlement for hacked Ashley Madison users

    Economic CTV News
    ST. LOUIS -- A federal judge on Friday approved an US$11.2 million settlement between the marital infidelity website Ashley Madison and users who sued after hackers released personal information, including financial data and details of their sexual proclivities. Source
  • Judge OKs US$11.2M settlement for hacked Ashley Madison users

    Economic CTV News
    ST. LOUIS -- A federal judge on Friday approved a US$11.2 million settlement between the marital infidelity website Ashley Madison and users who sued after hackers released personal information, including financial data and details of their sexual proclivities. Source
  • What drug-dealing 'darknet' sites have in common with eBay

    Economic CTV News
    NEW YORK -- AlphaBay, the now-shuttered online marketplace that authorities say traded in illegal drugs, firearms and counterfeit goods, wasn't all that different from any other e-commerce site, court documents show. Not only did it work hard to match buyers and sellers and to stamp out fraud, it offered dispute-resolution services when things went awry and kept a public-relations manager to promote the site to new users. Source
  • FedEx closing all retail office stores in Canada

    Economic CBC News
    Shipping giant FedEx has quietly moved to close retail office stores in all Canadian cities putting more than 214 people out of work and ending three decades of doing business in the country. FedEx will continue to ship within Canada, but its copy and office supply stores will close Aug. Source
  • Self-professed 'Netflix of sports' app DAZN launches in Canada with all NFL games

    Economic CBC News
    Streaming video service DAZN is set to launch in Canada and will offer subscribers the ability to watch every NFL game this coming season without the need of a television subscription. DAZN — pronounced Da Zone — announced Thursday it has secured exclusive digital broadcasting rights to all National Football League games starting this season, with no blackouts even if games are offered on cable TV services. Source