In this edition of the Enforcement Roundup, we cover two British Columbia Securities Commission (BCSC) enforcement activities. We also summarize one settlement agreement from the Mutual Fund Dealers Association of Canada (MFDA).
A British Columbia Securities Commission (BCSC) panel sanctioned Oei and three companies he controlled: Canadian Manu Immigration & Financial Services Inc., 0863220 B.C. Ltd. and 0905701 B.C. Ltd.
The panel ordered Oei and Canadian Manu, jointly and severally, to disgorge approximately $3.1 million. The amount of this disgorgement is the amount of the fraud less the amounts the panel found that the respondents have returned to the investors
The panel also ordered that Oei and Canadian Manu pay administrative penalties of $4.5 and $1 million, respectively.
For his misconduct, Oei is subject to various permanent market bans.
Canadian Manu, 0863220 B.C. Ltd. and 0905701 B.C. Ltd. are permanently prohibited from becoming or acting as a registrant or promoter.
BCSC Settlement Agreement
In a settlement agreement, Lee has admitted to perpetrating a fraud.
Lee agreed to disgorge $190,000 to the BCSC as part of the settlement, as well as undertake to pay the BCSC $50,000. He has been ordered to resign any position he holds as a director or officer of any issuer or registrant.
Lee is also subject to various permanent market bans.
MFDA Settlement Agreements
In the Settlement Agreement, Wu admitted to contravening an MFDA rule when he signed the signatures of four clients on six account forms, and submitted the forms to the Member for processing.
An MFDA Hearing Panel fined Wu $5,000, and ordered $2,500 in costs. Wu is also prohibited from conducting securities related business in any capacity while in the employ of or associated with an MFDA Member for a period of four months.
Report a Concern
If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393 or through e-mail at [email protected]. You can also file a complaint or submit a tip anonymous using BCSC’s online complaint form.
Every month we release an Enforcement Roundup. We cover British Columbia Securities Commission (BCSC) regulatory cases and report on other self-regulatory organizations’ decisions when pertinent. From time-to-time, we also cover criminal cases related to our decisions or investigations. This Enforcement Roundup contains three BCSC enforcement decisions and three Mutual Fund Dealers Association of Canada (MFDA) […]