The British Columbia Securities Commission today issued a press release announcing a settlement agreement with Virginia Tan. The release says that Ms. Tan “has admitted that she fraudulently raised at least $30 million from investors”.
The release goes on to provide details of Virginia Tan’s activities both prior to, and after 2011. The BCSC says that:
Tan agreed to pay $3 million to the BCSC in settlement of this matter. The BCSC will take steps to collect this sum after Tan has paid the amounts owing to investors. Tan has been ordered to cease trading in, and is permanently prohibited from purchasing, any securities or exchange contracts, and she must resign any positions she holds as, and is permanently prohibited from becoming or acting as, a director or officer of any issuer or registrant. She is also permanently banned from becoming or acting as a registrant or promoter, acting in a management or consultative capacity in connection with activities in the securities market, and engaging in investor relations activities.
The BCSC provides a link to the settlement agreement, it can be seen here. The BCSC has a list of other document related to this matter, they can be found here.
Media coverage includes this story in the Vancouver Sun.