The April 2024 edition of the Enforcement Roundup features four enforcement actions taken by the BC Securities Commission (BCSC) and the Canadian Investment Regulatory Organization (CIRO). It also includes 23 new additions to the Investment Caution List.
BCSC Enforcement
BCSC Orders & Decisions
Shijun “Clark” Zhu
In 2021, Zhu admitted in a settlement agreement to actions that contributed to the depletion of investor’s accounts over which he had discretionary trading authority. A BCSC panel has ordered the distribution of $38,639.69 to four investors who lost money as a result of Zhu’s unregistered trading and advising.
Read the new release for full details.
White, the CEO and owner of Kingdom, promised investors returns of 10-30 per cent and were told that their investments would help house people who faced barriers to housing. Instead, the respondents used investor funds to repay earlier investors, which a BCSC panel determined is “consistent with a Ponzi scheme.”
White and her company was ordered to pay $626,000 in financial sanctions and issued market bans.
Read the news release for full details.
BCSC Settlement Agreements
Wayne Lo
Lo, a BC resident, has paid $10,000 and agreed to a temporary market ban after admitting to advising on and trading in securities without being registered.
In 2021, Lo entered into informal investment agreements with two investors with assets in their accounts totalling US$105,000. Lo made frequent discretionary trades in S&P 500 and Nasdaq on behalf of the investors. Lo lost a total of US$85,000 in the investors’ accounts and did not receive any profits.
Read the news release for full details.
CIRO Enforcement
CIRO Sanctions
Alvinder Gill
A CIRO panel found that Gill had failed to account for monies that he received from individuals, made misleading statements and provided fictitious account documents which misrepresented that he had invested the individuals’ monies, engaged in unapproved outside activities, and failed to cooperate with an investigation into his conduct.
As a result, he has been sanctioned with a permanent prohibition and a total fine of $310,000. He is also required to pay costs in the amount of $30,000.
Read the news release for full details.
BCSC Early Intervention
Investment Caution List
The BC Securities Commission’s Investment Caution List notifies British Columbians about unqualified investments and unregistered activity originating from outside of the province but accepts BC residents as clients.
Below are the April additions to our Investment Caution List:
AutoSmart Trades
AutoSmart Trades claims to be located in the United Kingdom and USA. It also claims to offer different types of accounts for trading in cryptocurrencies, stocks, indices, commodities, and forex.
Toro Trade Pro
Toro Trade Pro claims to be located in the United Kingdom and it also claims to offer different types of accounts for trading in various financial products.
Finance24base
Finance24base claims to be located in the United States and it also claims to offer different types of plans for trading in various financial products.
MyCapitalInvest24
MyCapitalInvest24 claims to be located in the United Kingdom and it also claims to offer different types of plans for trading in forex.
Maple-Dex
Maple-Dex claims tobe located in Switzerland and it also claims to offer different types of accounts for trading in stocks, crypto, and commodities.
So-Exchange (also known as SOEX)
SOEX claims to operate an online cryptocurrency trading platform and we are aware that SOEX accepts BC residents as clients.
Profit Catalyst Hub
Profit Catalyst Hub claims to be located in the United States and it also claims to offer trading services in cryptocurrencies.
Milestoneinvestment
Milestoneinvestment claims to be located in the United Kingdom and Canada. It also claims to offer different types of accounts for trading in forex, commodity, stocks, bonds, and cryptocurrencies.
Steemmax.com
Steemmax.com claims to offer trading services in cryptocurrency. We are aware that they take BC residents as clients.
BTC-Nation
BTC-Nation claims to be located in Vancouver, BC. It also claims to offer different types of accounts for trading in forex, stocks, indices, commodities, and cryptocurrencies.
Bitreta
Bitreta claims to offer crypto mining investment. We are aware that Bitreta accepts BC residents as clients.
Financial Hills
Financial Hills claims to offer different types of accounts for trading in stocks, indices, commodities, forex, and cryptocurrencies.
Exmoeth
Exmoeth claims to offer crypto mining investment. We are aware that they accept BC residents as clients.
TrustedFXoption
TrustedFXoption claims to be located in United Kingdom and it also claims to offer investment services in forex and cryptocurrency trading.
iTrade
iTrade claims to be located in Switzerland and it also claims to offer trading services in currencies, stocks, commodities, indices, crypto, and ETFs.
Richeink
Richeink claims to be located in Switzerland and it also claims to offer trading services in cryptocurrencies, commodities, metals, energies, indices, futures, and shares.
Uphill Trades
Uphill Trades claims to be located in New York, USA and it also claims to offer different types of plans for trading in forex, stocks, indices, commodities, and cryptocurrencies.
imarketlive247.com
imarketlive247.com claims to be located in the United Kingdom and it also claims to offer investment services in forex and cryptocurrency trading.
VT Markets
VT Markets claims to offer different types of accounts for trading in forex, commodities, stocks, indices, ETFs, and bonds.
RockStoneTrust
RockStoneTrust claims to be located in Switzerland and it also claims to offer different types of accounts for trading in forex, commodities, stocks, indices, bonds, and ETFs.
Ant Contract
Ant Contract claims to offer digital asset trading and management services. We are aware that Ant Contract accepts BC residents as clients.
Valiant Markets
Valiant Markets claims to offer online brokerage services in oil, gold, currencies, and CFDs.
Sequoia Capital Markets
Sequoia Capital Markets claims to be located in Hong Kong. It also claims to offer leveraged trading services in forex and cryptocurrency.
Report a Concern
If you have concerns about a person or company offering an investment opportunity, please contact the BCSC Contact Centre at 604-899-6854 or 1-800-373-6393 or by e-mail at [email protected]. You can also file a complaint using BCSC’s online complaint form.
If you have information relating to fraud or serious market misconduct, you can securely submit tips through our Whistleblower program. Qualified tips may be eligible for cash rewards up to $500,000.
InvestRight.org is the BC Securities Commission’s investor education website. Subscribe to receive email updates from BCSC InvestRight.
