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Ponzi scheme, but hundreds of claims rejected Gordon Hoekstra Updated: Securities Investigation into a fraud in which investors bought online advertising that turned out be a false business.
Securities laws by a BCSC tribunal. In their ruling the tribunal said: The pair have not paid those penalties. Receiver Grant Thornton Ltd. Interest was not originally contemplated by the court. Investors had to appeal in order to contest their rejected applications.
Only three have done so. There were sometimes no record to show the identity of the individual investor, and the company and Zhu and Zhang did not provide reliable records of amounts received or returned to individual investors, according to the report.
The process was fair to investors, she said. Asked if the BCSC offered assistance to investors to complete applications, Walker said the BCSC published two press releases about the receivership process, encouraging investors to submit their claims to the receiver before the deadline. The BCSC also worked with the receiver to develop an online claims process, as well as details on how to make a claim that were provided in two languages, she said.
Walker said any amounts left after the investors have been paid will be directed to creditors, of which the BCSC is also one. Walker said the BCSC will continue to pursue collection of the millions in penalties issued to Zhu and Zhang but would not provide details on how that will be done.
Zhang was deported to China from Canada on April 5,according to court documents.
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