Regulator alleges agent and associate tried to interfere in investigationBy The IJ Staff | October 08 2019 10:38AM
The British Columbia Securities Commission (BCSC) alleged on Oct. 8 that a former insurance agent and an associate pressured an investor to provide a false statement to BCSC investigators.
Hunter Wei-Shun Wang and Jing "Janet" Zhang, residents of Burnaby, convinced a B.C. man to invest in the company they worked for, says the regulator. At the time, Wang was a licensed insurance broker employed by a company, and Zhang was the company's marketing director.
The investor asked for his money back a few days later, saying he regretted making the investment. While waiting for a response, the investor's mother complained to the BCSC about the investment.
“Wang and Zhang, after learning of the BCSC's involvement, offered to refund the investment if the son lied to the BCSC. They asked the son to say that his mother mistakenly confused this investment with another, and had no complaints about this particular investment,” alleges the BCSC, adding that the next day, Wang and Zhang “coached the investor on the lie, and then listened while the investor called the BCSC to provide the agreed-upon false statement.”
The regulator says that after the call, the investor and his mother went with Zhang to her personal bank branch, where she withdrew $25,000 and gave it to the investor. A few weeks later, the company reimbursed Zhang for that payment, the BCSC says.
The BCSC staff is asking an administrative panel to find that Wang and Zhang's actions were either an obstruction of justice or abusive to the capital markets. The commission will schedule a tentative hearing date in November.