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Enforcement Roundup: July 2020

The wooden mallet resting on a stand with the scales of justice and law books in the background represent enforcement actions taken in British Columbia by securities regulators like the BCSC and IIROC in July 2020.
The Enforcement Roundup is a monthly summary of enforcement activities in British Columbia taken by securities regulators.

This month’s edition includes one BC Provincial Court decision resulting from a BC Securities Commission (BCSC) criminal investigation, a BCSC settlement agreement, a BCSC order, and one enforcement action from the Investment Industry Regulatory Organization of Canada (IIROC).

BCSC Enforcement

BCSC Criminal Enforcement

Enna Keller

Keller was sentenced to one year of probation, including 90 days of house arrest, after she was convicted of violating a BCSC order.

Keller pleaded guilty to two counts of trading in a security and/or acting in a consultative capacity in connection with activities in the securities market, despite being permanently banned by the BCSC. Read the news release for full details.

News Release

BCSC Settlement Agreement

Lei Qiao

The BCSC has reached a settlement agreement with Qiao, a former dealing representative and Surrey resident. Qiao admitted that he provided false information about his work history in two registration applications.

As part of the settlement, Qiao is permanently banned from becoming a registrant under the Act, and has agreed to pay $20,000 to the BCSC. Read the news release for more information.

News Release

BCSC Order

Todd Norman John Bezzasso, Wei Kai (a.k.a. Kevin) Liao, Bezzazz Holdings Group Ltd. (Bezzazz), Nexus Global Trading Ltd. (Nexus)

The BCSC ordered two Richmond residents and two companies to pay a total of $6.3 million for committing investment fraud through a Ponzi Scheme.

In addition to various financial sanctions ordered against the two men and the companies, Bezzasso is permanently banned and Liao is prohibited for 15 years from various securities activities. Bezzaz and Nexus are permanently banned from trading in or purchasing securities or exchange contracts and engaging in investor relations activities.

Read the news release for more details.

News Release

IIROC Enforcement

IIROC Settlement Agreement

Kindle Blythe

In the settlement agreement, Blythe admitted she failed to report client complaints to her firm’s compliance department and misled Enforcement Staff about them during an investigative interview with IIROC staff.

Blythe agreed to pay a $10,000 fine and $500 in costs. She is suspended for nine months from registration with IIROC, and upon any registration, must undergo six months of close supervision. She must also successfully rewrite the Conduct and Practices Handbook course.

View the news release for more details.

News Release

Report a Concern

If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Contact Centre 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 anonymously using the BCSC’s online complaint form.

InvestRight.org is the BC Securities Commission’s investor education website. Subscribe to receive email updates from BCSC InvestRight.

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