– A British Columbia Securities Commission panel has found that two B.C.residents and a Nevada corporation whose securities are quoted on the Pink Sheets in the U.S. engaged in an illegal distribution of securities, and breached a cease trade order. The panel found that Alexander Anderson and Ken Chua distributed shares of Oriens Travel and Hotel Management Corp. to three B.C. residents without filing a prospectus and for which no exemptions were available. Anderson and Chua raised proceeds of US $58,500.
Oriens, an OTC reporting issuer in B.C., was the subject of a cease trade order (CTO) bythe Corporate Finance division of the BCSC in January 2009. The panel found that, in distributing Oriens shares to investors, Anderson and Chua breached the terms of the CTO, and made misrepresentations to the investors when they failed to advise them of the CTO.
Chua is the President and Chief Executive Officer of Oriens. Anderson is the Secretary of Oriens. Neither Chua nor Anderson have been registered in any capacity under the Act, and Oriens has never been registered to trade in securities and has never filed a prospectus under the Act. The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings. You may view the findings decision on our website www.bcsc.bc.ca by typing Oriens Travel and Hotel Management Corp., Alexander Anderson, Ken Chua or 2014 BCSECCOM 91 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
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