Decision in brief: Vuong, Inter-Jurisdictional Enforcement Proceeding, Sanctions, September 29, 2023
The Ontario Superior Court of Justice convicted April Vuong and Hao Quach of fraud. Vuong and Quach promised investors their money was safe and guaranteed them high rates of return. Instead, they used the money to pay back other investors and for their own personal expenses. The Court sentenced Vuong and Quach to 5 years, eight months and 19 days in jail and ordered them to pay back $3,567,992 to 12 investors.
OSC staff asked that Vuong and Quach be restricted from participating in Ontario’s capital markets based on the Court’s decision.
The Tribunal decided to permanently restrict Vuong and Quach from participating in Ontario’s capital markets. This was a large-scale fraud, carried out over five years. Voung and Quach defrauded many victims of a total of $5,175,000. They were motivated by greed, and their conduct shows that they cannot be trusted. A permanent ban from the capital markets is needed to protect investors from Vuong and Quach. A permanent ban is also needed to discourage other people who might want to commit a similar fraud.