TORONTO — The Ontario Securities Commission says a Toronto businessman charged last week with the fraudulent sale of hundreds of millions of dollars of securities to Chinese citizens has been arrested.OSC manager of public affairs Kristen Rose says Xiao Hua Gong, also known as Edward Gong, was arrested Thursday night and released on bail on Friday morning. He is to make his first appearance in court on Jan. 31.He was charged following an OSC investigation with fraud over $5,000, possession of property obtained by crime, laundering proceeds of crime and uttering a forged document. None of the allegations have been proven in court.Arrest of Chinese-Canadian businessman sought in fraud and money-laundering caseThe OSC charges against Gong stem from the fraudulent sales of securities in two companies, O24 Pharma PLC and Canadian National TV Inc., from Jan. 1, 2012, to Dec. 20 of this year. It alleges both companies were controlled by Gong.The OSC also alleges that a significant percentage of the money obtained by the scheme was directed to Gong’s bank accounts in Canada which he then used for his benefit.His arrest came one week after OSC staff, the RCMP and the Toronto police executed search warrants on Gong’s residence and alleged place of business in North York.
This week’s Conversations with Goodman podcast features Luciano Lapa, a student in Goodman’s Master of Science in Management program who recently presented his research at an international conference.Lapa just returned from California, where he shared his research paper on consumer behaviour in mobile commerce at the Academy of Marketing Science conference — an opportunity he says is notable for an MSc student.“It was a little overwhelming because you do so much research and you have all the names that you’re familiar with in your citations and then you put faces to those names,” he said.Lapa’s research, supervised by Professor Narongsak (Tek) Thongpapanl, looks at what motivates people across international markets to use mobile devices to purchase products or services.Lapa came to the Goodman School of Business from Brazil last year to pursue his dream of a career in academia.This podcast is the latest in the Conversations with Goodman series, which is produced by the Goodman Marketing, Communications and Alumni Relations team and features guests from the Goodman community.