B.C. resident pays $10,000 for unregistered activity

VANCOUVER, BC, April 24, 2024 /CNW/ - A B.C. resident has paid $10,000 to the B.C. Securities Commission (BCSC) and agreed to a temporary market ban after admitting to advising on and trading in securities without being registered.

Wayne Lo entered into informal investment agreements with two investors in late 2021, with assets in their accounts totalling US$105,000. Lo made frequent discretionary trades in S&P 500 and Nasdaq futures contracts on behalf of the investors, in exchange for 50 per cent of their trading profits. Lo lost a total of US$85,000 in the investors' accounts and therefore did not receive any profits.

Lo was not registered under B.C.'s Securities Act to perform this type of activity.

Under the settlement agreement, Lo is also temporarily prohibited from participating in the public markets for three years, except as an investor in his own accounts.

Lo fully cooperated with the BCSC's investigation and he does not have a history of securities misconduct.

The B.C. 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