OSC charges Toronto businessman with fraudulent sale of securities

TORONTO — Police are seeking to arrest a Toronto businessman charged with the fraudulent sale of hundreds of millions of dollars of securities to Chinese citizens.

The allegations against Xiao Hua Gong, also known as Edward Gong, follow an investigation by the Ontario Securities Commission.

He faces a charge of fraud over $5,000, possession of property obtained by crime, laundering proceeds of crime and uttering a forged document. None of the allegations have been proven in court.

The OSC charges against Gong stem from the fraudulent sales of securities in two companies, O24 Pharma PLC and Canada National TV Inc., from Jan. 1, 2012 to Dec. 20 of this year.

The OSC alleges that both companies were controlled by Gong and the sale of their securities was orchestrated by Gong from the Toronto area.

The OSC also alleges that a significant percentage of the money obtained by the scheme was directed to Gong’s bank accounts in Canada which he then used for his benefit.

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