The British Columbia Securities Commission (BCSC) has reached a settlement agreement with a former Surrey dealing representative for providing false information about his previous employment in two registration applications.
After the BCSC published a Notice of Hearing containing allegations against Lei Qiao, he admitted that he provided false information about his work history.
Qiao had been registered as a Mutual Fund Dealing Representative between May 2015 and January 2016. In August 2016, Qiao provided information for a registration application 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 March 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 in the form was true, he violated the prohibition on providing false information in the Securities Act.
Qiao’s misconduct is aggravated because in both instances he provided investment dealers with forged notices of termination. The investment dealers needed this information to reactivate Qiao’s registration as their dealing representative.
As part of the settlement, Qiao is permanently banned from becoming a registrant under the Act, and he has agreed to pay $20,000 to the BCSC.
