VANCOUVER, Dec. 15 /CNW/ - A British Columbia Securities Commission Panel has found that Sung Wan (Sean) Kim significantly harmed investors and abused both the capital markets and the authority of the Commission when he targeted the Korean religious community to enrich himself.
In a decision released today, the panel permanently banned Kim from trading or purchasing securities or exchange contracts and engaging in investor relations activities, and suspended his registration, saying "Kim's misconduct demonstrates that he is clearly unfit ever to participate in British Columbia's capital markets in any capacity."
Kim took $15.7 million from 35 B.C. investors and one Korean investor. In summarizing his misconduct, the panel wrote:
"Kim set out to steal the investors' money. He lied to them about how their funds would be invested and the returns they would earn. He forged letters purportedly from the British Columbia Securities Commission falsely stating that the BCSC was actively engaged in the oversight of Cirplus' business. He falsified investor account statements, and made them appear to be from the carrying broker."
In addition to the market bans, the orders against Kim require him to disgorge profits to the Commission of $15.7 million and to pay an administrative penalty of $31.4 million.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You can view the decision on our website, www.bcsc.bc.ca or by searching the name Kim or 2010 BCSECCOM 684. If you have questions, contact Brenda Lea Brown at 604-899-6554.
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|Brenda Lea Brown|