A British Columbia Securities Commission panel has found that Alfredo Miguel Yong, Inverlake Property Investment Group Inc and Wheatland Business Park Ltd illegally distributed securities but committed no fraud.

Yong and the companies he directed breached section 61 Securities Act when they distributed securities without a prospectus. Inverlake is an Alberta corporation that was incorporated in March 2008 with the purpose of acquiring and holding the Inverlake Land. Inverlake has never filed a prospectus under the Act. Wheatland was incorporated in June 2008 to acquire and hold land in Wheatland County in Alberta. In all, Yong found 28 investors for the Inverlake investment, all of whom lost their investment. Yong and Inverlake admitted to contravening section 61 with respect to distributions to 23 investors for a total of $910,650. Yong and Wheatland issued shares to a total of 19 investors at $53,000 a share. The panel has not ascertained the current status of those investments but Yong and Wheatland admitted to contravening section 61 with respect to distributions to 14 investors for a total of $984,479.