A West Vancouver man has been ordered to pay a $1 million fine and is officially banned from the from the stock market after defrauding nine investors out of $1.4 million.
According to the BC Securities Commission, Roy Ping Bai (who also goes as Ping Bai) and his company RBP received $1,530,000 from investors who were told that their funds would be invested in foreign exchange trading.
Bai only deposited $129,000 in foreign exchange trading accounts and used the rest of the funds “for other purposes.”
The BC Securities Commission Panel stated that Bai and PBP “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.”
Aside from the $1 million administrative penalties, Bai has also been ordered to pay a disgorgement of $1,291,000 and has been banned from acting in a management consultive capacity and engaging in investor relations activities.