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B.C. regulator appoints receiver to return $10 million to investors

par The IJ Staff | April 13 2017 09:45AM

Photo: Freepik

The B.C. Securities Commission (BCSC) has apppointed Grant Thornton Limited Receiver in charge of returning to investors certain funds of Bossteam E-Commerce Inc., Yan Zhu (aka Rachel Zhu) and Guan Qiang Zhang.

The BCSC had bank accounts frozen that contained USD $9,725,899, and CAD $293,233, and had registered a charge on land owned by Zhu. It has collected roughly $122,810 from the sale of the land.

Fraud and illegal distribution of securities

In August 2014, a BCSC panel found that Bossteam, Zhu and Zhang had committed fraud, illegally distributed securities, and withheld information from the regulator’s investigators. As a result, in June 2015, the respondents were sanctioned with monetary orders and prohibitions against participating in the capital markets.

Grant Thornton will redistribute the frozen funds to investors. The BCSC encourages those who suffered financial loss from the incidents to submit their Proof of Claim to the Receiver.  More information can be found on the website www.bossteamclaims.com.

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