BCSC announces penalty of one million dollars in fraud caseBy The IJ Staff | May 15 2018 11:30AM
A British Columbia Securities Commission (BCSC) panel has ordered monetary sanctions and permanent market bans against Roy Ping Bai (a.k.a. Ping Bai) for fraud. The general partnership he controlled, RBP Consulting, has also received permanent market bans, announced the BCSC May 14.
The panel ordered that Bai resign any position he holds as a director or officer of an issuer or registrant and pay an administrative penalty of $1 million. He has also been ordered to pay a disgorgement of $1,291,000.
Received $1,530,000 from investors
In February, the BCSC panel found that Bai and RBP received $1,530,000 from investors who were told their funds would be invested in foreign exchange trading. “The respondents deposited $129,000 in foreign exchange trading accounts and used the rest of the investors' funds for other purposes,” says the BCSC.
Bai was a resident of Vancouver and West Vancouver, B.C. during the relevant period. “RBP Consulting is a general partnership of which Bai and his wife were the only two partners. Bai was RBP's sole operating and controlling mind,” stated the regulator.
An extensive campaign of deceit
In describing Bai's misconduct, the panel stated that he and RBP "carried out an extensive campaign of deceit, which was designed to forestall investors from seeking the return of their funds and from learning of the respondents' misappropriation of their investments."
To learn more, consult the decision on the regulator’s website.