The Alberta Securities Commission alleges the Edmonton-based company improperly raised almost $7.8 million from 46 investors for real estate developments in the capital region.
The directors of 2 Wongs face allegations of fraud, acting as advisers without being registered and trading securities without filing a prospectus.
The commission says some money has been paid back to investors, but $4.4 million remains unaccounted for.
Khom Wong and Janeen Wong are to appear before a commission hearing in Calgary June 11 on five allegations
The maximum penalty for any breach is a $1 million fine and a lifetime ban from trading securities in Alberta.
Other affiliated companies named in the action include Integrity Plus Management, Canreig Edmonton and 1409779 Alberta.