National

Two Men Who Broke B.C. Securities' Laws Penalized, Face Trading Bans

Darpan News Desk The Canadian Press, 12 Jan, 2016 11:47 AM

VANCOUVER — Two men have been ordered to pay the British Columbia Securities Commission a total of $278,000 for breaking provincial trading rules.

Alexander Downie was the founder and director of HRG Healthcare Resource Group Inc., and Daniel Mohan served as director and CEO.

The company was developing a web-based, bedside medical records and entertainment system for hospital patients, but neither man was registered to sell securities in B.C.

The commission says the company distributed millions of dollars in securities to investors and filed false reports to the independent agency.

It says the men who raised $4.45 million from 123 people who lost all their money have now been banned from trading or buying securities for seven years.

Mohan and Downie have been ordered to each pay $75,000 in penalties, but Mohan must also pay $103,530 in commission he received during the company's capital-raising efforts.

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