The B.C. Securities Commission Chartered has banned accountant Henry Jung from trading securities in B.C. for violating securities laws when he distributed debentures to Canadian investors.
The BCSC found that Jung illegally traded and distributed to 130 investors in seven provinces $3 million worth of debentures of Bright Star Ventures Ltd. He also failed to file insider-trading reports for trading 5.7 million shares of the company that was formerly listed on the TSX Venture Exchange.
Jung had argued that he was merely Bright Star's office manager, but the BCSC found he was a de facto director and officer because he made most of Bright Star's management and operational decisions.
In addition to the 15-year trading ban, he was fined $70,000 and prohibited from acting as a director or officer of any issuer, registrant or investment fund manager for the next 15 years.