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by Mike Caswell

The B.C. Securities Commission has imposed a 20-year ban on Erwin Liem, a Vancouver man who used false identities to control shares of a Neo listing over a two-year period. The BCSC said that Mr. Liem, who has a history of securities-related misconduct, violated insider reporting requirements with his shareholdings. At one point, he had undisclosed control over 24 per cent of the company.

The ban for Mr. Liem is contained in a settlement agreement and related administrative order that the BCSC released on Thursday, April 20. The order bars Mr. Liem from trading, acting as an officer or director of a public company, and from promoting stocks. He must also pay a $40,000 fine. Mr. Liem accepted the penalties to settle the case, admitting to the underlying conduct.

The case stemmed from shares that Mr. Liem held in Mydecine Innovations Group Inc., a company that was listed on Neo and on the OTC Pink. The BCSC said that Mr. Liem acquired shares of the company using the identities Surya Chandra and Li Hong Chang. He also held shares in his own name and through entities that he controlled.

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