BCSC gives notice of funds received in Kuit case

VANCOUVER, March 21, 2017 /CNW/ - The British Columbia Securities Commission (BCSC) today gave notice that it received $75,984.92 from an order the Executive Director made under section 161(1)(g) of the Securities Act on February 17, 2017 against Winston King-Loong Kuit.

On February 17, 2017, the BCSC entered into a settlement agreement with Winston King-Loong Kuit, a B.C. resident, for unregistered trading, unregistered advising, and distributing securities without a prospectus. Kuit acted as a finder for SBC Financial Group Inc. and solicited investors to invest approximately $2.4 million in SBC. Approximately $1.8 million of those distributions did not qualify for any exemptions from the prospectus requirements of the Securities Act. Kuit was registered under the Act for most of the relevant period, but his registration category did not permit him to trade in SBC securities.

As part of the settlement, Kuit agreed to an order under section 161(1)(g) of the Act to pay $147,500, which was the amount he received as commissions for his misconduct. Kuit also agreed to pay a $20,000 fine to the BCSC and is subject to market bans for a period of 15 years.

Under changes made to the Securities Act in November 2013, the BCSC must make money it receives from an order under section 161(1)(g) available to eligible applicants who lost money as a direct result of respondent misconduct. 

Investors can make a claim to the BCSC using the required form, no later than March 21, 2020.  Details on the claim process are included in the attached notice.

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

For further information: Media Contact: Alison Walker, 604-899-6713; Public inquiries: 604-899-6854 or 1-800-373-6393 (toll free), inquiries@bcsc.bc.ca

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http://www.bcsc.bc.ca

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