The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that three B.C. men perpetrated a fraud when they illegally sold millions of dollars in securities to residents of B.C. and elsewhere.

The notice of hearing alleges that Alvin Lee Johnson, a Vancouver resident, Heng Goh, a North Vancouver resident, and Victor Schwab from Prince George, violated various securities laws between February 2002 and April 2005.

The notice alleges Johnson, a former mutual fund sales person, and Schwab, a chartered accountant distributed about $6.6 million of NOF Electrical Generation Inc. and Advanced Rescue Technologies Inc. securities without being registered and without filing a prospectus.

The notice also alleges Johnson and Goh made misrepresentations to investors when illegally distributing about $2.6 million of securities in VG Capital Group Inc., a financial consulting firm.

These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners.