The Insurance Council of British Columbia (ICBC), in an August 3 decision, fined a former life agent, Zi An (Charles) Wang, $10,000 for multiple infractions, including the misappropriation of $300,000.
The ICBC’s investigation revealed that in March 2016, Wang accepted $300,000 from a client (Client One), to be invested under their name.
Instead, the former licensee applied the money to a policy owned by another client (Client Two).
Later the same year, Wang redeemed all funds from the second client’s policy and deposited them into a bank account under Client Two’s name, forging their signature on the insurance policy application form.
In March 2019, after Wang had left his unnamed employer, Client One discovered the misappropriation of funds after consulting another advisor with the insurer.
In his submission to the ICBC, Wang admitted to the forgery and misappropriation of Client One’s $300,000. He added that the cheque for the amount had been affixed to Client Two’s policy documents by mistake.
Wang also admitted to forging Client Two’s signature on a redemption form dated March 31, 2016. The redemption amount was $31,310.
The insurer reimbursed the client, with interest, and referred the case to the Royal Canadian Mounted Police (RCMP), which reportedly closed its investigation in 2021.
In its decision, the ICBC said it will not consider a licensing application from Wang until August 2, 2028. In addition to the above fine, the ICBC also directed Wang pay $1,687.50 in investigation costs.
