British Columbia Securities Commission

British Columbia Securities Commission

August 13, 2007 08:30 ET

BCSC Executive Director's Bulletin: Securities Regulator Gives Notice of Hearing Into Alleged Illegal Distribution, Failure to File Insider Reports and Misleading Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 13, 2007) - The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that an accountant employed by a former TSX Venture Exchange company was an undisclosed director of the firm who participated in an illegal distribution and failed to file insider reports.

The notice of hearing says that, from about July 2001 onward Henry Jung, a chartered accountant, was or acted as a senior officer and a de facto director of Bright Star Ventures Ltd. It also states that David John Allen and Reginald Clarke Handford, both former presidents of Bright Star, signed quarterly reports for the company in 2002 and 2003 that omitted Jung's name as an officer or director.

According to the allegations in the notice, Jung, as a senior officer and director, failed to file insider reports when he traded Bright Star shares in 781 transactions through accounts held at multiple dealers. It also alleges Jung traded and distributed about $3.4 million of securities to approximately 127 investors without being registered and without a prospectus being filed.

Bright Star had an office in Vancouver and traded on the TSX Venture Exchange prior to the suspension and eventual delisting of its shares in April 2006.

These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view notices of hearings on our website www.bcsc.bc.ca. If you have questions, contact Ken Gracey, Media Relations, 604-899-6577.

Contact Information

  • British Columbia Securities Commission
    Ken Gracey
    Media Relations
    (604) 899-6577 or (B.C. & Alberta) 1-800-373-6393
    Website: www.bcsc.bc.ca