The British Columbia Securities Commission (BCSC) alleges a former Surrey dealing representative provided false information about his previous employment in two registration applications.
In a separate, unrelated case, the BCSC has reached a settlement agreement with a former Maple Ridge dealing representative for providing false information about his qualifications in a registration application.
Lei Qiao, the former Surrey dealing representative, had been registered as a Mutual Fund Dealing Representative between 2015 and January 2016. In August 2016, Qiao allegedly provided information to a dealer that he had left his previous employment voluntarily, when in fact he had been dismissed for cause. He also gave his termination date as May 2016 even though he had been terminated in January 2016.
In 2017, for another registration application with another dealer, he provided the same false information that he had left his previous employer voluntarily.
Since Qiao was responsible for ensuring that the information provided by the investment dealers in both registration application forms was true, the BCSC alleges he violated the prohibition in the Securities Act on providing false information.
The BCSC’s allegations have not been proven. The commission will schedule a hearing date in June 2020.
Hyongsuk Kim, the former Maple Ridge dealing representative, admitted that he had provided false information to an investment dealer indicating that he had passed the Wealth Management Essentials course in June 2016. The dealer needed this information to reactivate Kim’s registration as its dealing representative.
But Kim forged the notice of course completion. He had not passed the mandatory course despite three attempts.
Kim was responsible for ensuring that the information in the form was true and he violated the prohibition on making false statements in the Securities Act.
As part of the settlement, Kim is permanently banned from becoming a registrant under the Act, andagreed to pay $10,000 to the BCSC.
