Fraud allegations at Wheatland Industrial Park in Alberta, Canada

[GBP Note:  This incident appears to be unrelated to the Wheatland Industrial Park located in Naperville, Illinois, US.]

Fraud alleged in industrial park venture

Hearing will look at Alberta industrial park
Calgary Herald
May 23, 2013

The British Columbia Securities Commission is alleging two sisters committed fraud by misappropriating funds from a joint venture and by transferring shares of the venture to the benefit of their adult children.

The commission says it will seek to set a hearing date June 25 on the allegations against Siu Mui (Debbie) Wong and Siu Kon (Bonnie) Soo.

The allegations, which have not been proven, involve a joint venture with an Alberta company the sisters co-founded called Wheatland Industrial Park Inc.

The regulator claims at least 78 individuals and companies bought $85,000 shares in the venture, for which a prospectus was never issued in British Columbia even though the shares were promoted in that province.

The goal of the venture was to divide a property owned by Wheatland into individual swaths of industrial land, then sell the parcels to bring in money for investors and the company.

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