BCSC finds that B.C. man and partnership committed fraud

VANCOUVER, Feb. 9, 2018 /CNW/ - A British Columbia Securities Commission (BCSC) panel has found that Roy Ping Bai (a.k.a. Ping Bai) and RBP Consulting committed fraud against nine investors for approximately $1.4 million.

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.

The 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.

When describing Bai's and RBP's misconduct, the panel stated, "the respondents clearly misappropriated most of the investors' funds and used them for purposes other than how the respondents represented to the investors that their funds would be used."

The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.

You may view the findings decision on our website, www.bcsc.bc.ca, by typing Roy Ping Bai, Ping Bai, RBP Consulting or 2018 BCSECCOM 60 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' (CSA) Disciplined List for information relating to persons and companies disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

• A securities market that is fair and warrants public confidence
• A dynamic and competitive securities industry that provides investment opportunities and access to capital

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission