Proceedings

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PDF Version

FILE NO.: 2018-22



IN THE MATTER OF
INVERLAKE PROPERTY INVESTMENT GROUP INC.,
WHEATLAND BUSINESS PARK LTD.,
and ALFREDO MIGUEL “MICHAEL” YONG

Robert P. Hutchison, Commissioner and Chair of the Panel

June 22, 2018

ORDER

Subsections 127(1) and 127(10) of the
Securities Act, RSO 1990, c S.5


WHEREAS the Ontario Securities Commission (the Commission) held a hearing, in writing, to consider a request by Staff of the Commission (Staff) for an order imposing sanctions against Inverlake Property Investment Group Inc. (Inverlake), Wheatland Business Park Ltd. (Wheatland) and Alfredo Miguel “Michael” Yong (Yong) pursuant to subsections 127(1) and 127(10) of the Securities Act, RSO 1990, c S.5 (the Act);

ON READING the order of the British Columbia Securities Commission (the BCSC) dated August 3, 2016 (the BCSC Order) and the findings of the BCSC dated September 14, 2015 in the matter of Inverlake, Wheatland and Yong, and on reading the materials filed by Staff, Inverlake, Wheatland and Yong each not having filed any materials, although properly served;

IT IS ORDERED:

  1. against Yong that, until the later of the date that Yong pays to the BCSC the amount in paragraph 2 of the BCSC Order and August 3, 2021:
    1. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by Yong cease, except that he may trade for his own account through a registrant, provided that a copy of the BCSC Order and a copy of this Order are provided to that registrant;
    2. pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Yong cease, except that he may purchase for his own account through a registrant, provided that a copy of the BCSC Order and a copy of this Order are provided to that registrant;
    3. pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Yong;
    4. pursuant to paragraphs 7 and 8.1 of subsection 127(1) of the Act, Yong resign any positions that he holds as a director or officer of any issuer or registrant, except that he may act as a director or officer of any issuer all of the securities of which are beneficially owned by Yong or members of his immediate family;
    5. pursuant to paragraphs 8 and 8.2 of subsection 127(1) of the Act, Yong is prohibited from becoming or acting as a director or officer of any issuer or registrant, except that he may act as a director or officer of any issuer all of the securities of which are beneficially owned by Yong or members of his immediate family; and
    6. pursuant to paragraph 8.5 of subsection 127(1) of the Act, Yong is prohibited from becoming or acting as a registrant or promoter;
  1. against Inverlake that:
    1. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities of Inverlake cease permanently;
    2. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by Inverlake cease permanently;
    3. pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Inverlake cease permanently;
    4. pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Inverlake permanently; and
    5. pursuant to paragraph 8.5 of subsection 127(1) of the Act, Inverlake is prohibited permanently from becoming or acting as a registrant or promoter;
  1. against Wheatland that:
    1. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities of Wheatland cease permanently;
    2. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by Wheatland cease permanently;
    3. pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Wheatland cease permanently;
    4. pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Wheatland permanently; and
    5. pursuant to paragraph 8.5 of subsection 127(1) of the Act, Wheatland is prohibited permanently from becoming or acting as a registrant or promoter.
" Robert P. Hutchison "
Robert P. Hutchison