Sung Wan (Sean) Kim
Following the conclusion of a BC Securities Commission investigation, a BCSC panel has found that of Sung Wan (Sean) Kim, the principal of Cirplus Futures Inc., a now-defunct Vancouver-based exchange-contracts dealer, significantly harmed investors and abused both the capital markets and the authority of the Commission when he targeted the Korean religious community to enrich himself.
The panel permanently banned Kim from trading or purchasing securities or exchange contracts and engaging in investor relations activities, and suspended his registration, saying “Kim’s misconduct demonstrates that he is clearly unfit ever to participate in British Columbia’s capital markets in any capacity.”
Kim took $15.7 million from 35 B.C. investors and one Korean investor. In summarizing his misconduct, the panel wrote:
“Kim set out to steal the investors’ money. He lied to them about how their funds would be invested and the returns they would earn. He forged letters purportedly from the British Columbia Securities Commission falsely stating that the BCSC was actively engaged in the oversight of Cirplus’ business. He falsified investor account statements, and made them appear to be from the carrying broker.”
BCSC information about Kim
- BCSC panel permanently bans Sung Wan (Sean) Kim from capital markets, imposes combined penalties of more than $47 million for misconduct “at the top range of seriousness”
December 15, 2010 - BCSC Executive Director's Bulletin: Securities regulator issues temporary order against Sung Wan (Sean) Kim
October 21, 2009 - Cirplus Futures Inc. - Terms and conditions on registration October 14, 2009
- Investor Alert: Securities regulator investigating Sung Wan Kim October 13, 2009
- Cirplus Futures Inc. - Terms and conditions on registration October 9, 2009
Learn more about investment fraud in Canada and how cases proceed through the securities regulatory system.
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