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Sino-Forest Deal Alleged to Have Enriched Chan: Corporate Canada

Sino-Forest Corp. cofounder Allen Chan helped run a “complex fraudulent scheme” that exaggerated the timber producer’s assets, secretly benefited from a 2010 acquisition and misled investigators, Canada’s main financial regulator said.

The Ontario Securities Commission detailed the charges in a statement yesterday, almost nine months after the Toronto-based watchdog said it was probing the company and some of its employees. Chan and four former senior Sino-Forest executives -- Alfred C.T. Hung, George Ho, Simon Yeung and Albert Ip -- inflated the company’s revenue and made misleading public statements, it said.