Recidivist April Vuong sentenced to jail for violations of Securities Act
For Immediate Release OSC Enforcement Before the Court
TORONTO – The Ontario Securities Commission (OSC) announced today that, on January 8, 2019, April Vuong (“Vuong”) of Kitchener, Ontario, was sentenced to 12 months in jail by Justice Brownstone of the Ontario Court of Justice in Toronto, Ontario.
Vuong was sentenced to jail after pleading guilty on September 28, 2018 to violating a 15-year trading ban imposed by the OSC in November 2013. These charges pertain to quasi-criminal offences related to trading in securities. Specifically, in 2014, Vuong, using an alias, actively solicited a Canadian resource company to raise capital for a mining project, negotiating the terms of this proposed deal and producing a “Debenture Term Sheet” to further this transaction.
The investigation and trial in this matter was conducted by staff from the Joint Serious Offences Team (JSOT).
Vuong's jail sentence on January 8, 2019 follows a recent conviction and ruling in a separate matter, criminal in nature. On July 5, 2018, following a four-week jury trial in Brampton, Ontario, Vuong and her husband Hao Quach (“Quach”) were found guilty of committing fraud over $5,000, contrary to the Criminal Code. This matter also involved illegal acts related to the trading of securities by Vuong. OSC staff assisted the Peel Regional Police in this investigation and testified at the criminal trial. Following the guilty verdict, in October of 2018, Vuong and Quach were each sentenced to six years in the penitentiary by the Honourable Justice M.J. Lucille Shaw of the Superior Court of Justice in Brampton, Ontario. OSC staff recognize the excellent work done by the Peel Regional Police in this matter.
To date, JSOT has pursued 43 matters involving 61 accused.
JSOT was established by the OSC as an enforcement partnership between the OSC, the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch. The primary objective of JSOT is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. This is accomplished through collaborative investigations of serious violations of the law using the provisions of the Securities Act or the Criminal Code.
The OSC's partnership with law enforcement allows for criminal charges to be laid by JSOT members, which include police officers seconded to the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca.
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