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B.C. company director fined $500,000 for wrongly issuing US$45 million worth of bonds

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B.C. Securities Commission has ordered the director of two companies to pay a $500,000 fine for illegally issuing bonds in companies’ names.

, Winter Huang was in charge of Pegasus Pharmaceuticals Group Inc. and Careseng Cancer Institute Inc when Pegasus issued US$45 million worth of bonds to investors in Taiwan between 2010 and 2012.When a company issues a bond to investors, the investor buys the bond and receives what amounts to interest payments for the duration of the bond, at which point the company must return the bond money. So, effectively, the company is borrowing money from the investor.

Huang claimed that he did not know that B.C. securities laws applied to his companies because all the investors were residents outside of Canada.

 

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Bargain 500k fine with 45 million windfall

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