VANCOUVER, Oct. 21 /CNW/ - The executive director of the British Columbia Securities Commission has issued a temporary order and notice of hearing against Sung Wan (Sean) Kim, a director and salesperson at Cirplus Futures Inc., who was the subject of an investor alert issued on Oct. 13.
The temporary order prohibits Kim from trading securities and exchange contracts, prohibits him from conducting investor relations, and suspends his registration.
The notice of hearing alleges that Kim has been involved in raising funds from at least 15 investors, some of whom have unsuccessfully tried to get their money back. It also alleges Kim provided at least one investor with a letter that carried a likeness of the BCSC logo bearing the signature of an individual who has never worked at the commission.
The notice alleges Kim told at least some investors that their money would be invested in U.S. T-bills and they would receive interest of 32.4 per cent per annum or returns of three per cent per month on their investments. It also says that Kim told investors to give their investment funds to him personally and that he would pool their money.
The notice says that Kim was arrested by Korean police on or about Oct. 18, 2009, and is detained pending a pre-trial hearing.
These allegations have not been proven. Counsel for the executive director will apply to extend the temporary order at a hearing on Nov. 3, 2009 at 10 a.m.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website, www.bcsc.bc.ca. If you have questions, contact Ken Gracey, media relations, 604-899-6577.
SOURCE British Columbia Securities Commission
For further information: For further information: Ken Gracey, (604) 899-6577 or (Canada) 1-800-373-6393