VANCOUVER, Jan. 9, 2017 /CNW/ - The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that Roy Ping Bai, also known as Ping Bai, (Bai) and RBP Consulting (RBP) perpetrated a fraud on investors. Bai is a B.C. resident. RBP is a B.C.-registered partnership.
The notice alleges that between February 2012 and the end of 2013, Bai and RBP received around $1.53 million from nine investors, most of whom were B.C. residents. The respondents promised to invest the funds in the foreign exchange market (Forex) and pay investors interest of 30 per cent to 60 per cent per year.
The notice alleges that the respondents invested about $129,000 of the investors' money into Forex, and used the rest to pay investors or pay personal expenses for Bai and his wife. Bai told the investors a series of lies in order to perpetuate the fraud.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on February 7, 2017 at 9:00 a.m.
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing Roy Ping Bai, RBP Consulting or 2017 BCSECCOM 5 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 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
For further information: Media Contact: Alison Walker, 604-899-6713; Public inquiries: 604-899-6854 or 1-800-373-6393 (toll free), [email protected]