A British Columbia Securities Commission panel has permanently banned a Vancouver man and his partnership from the market for fraud.
Roy Ping Bai (Ping Bai) and his firm RBP Consulting have also been hit with monetary sanctions including an administrative penalty of $1 million and a disgorgement of $1.291 million.
In February the panel found that Bai and his RBP received $1.53 million from investors which was to be invested in foreign exchange trading. However, just $129,000 was deposited in FX accounts with the rest being used for “other purposes”.
The panel said that Bai and RBP Consulting "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."
Bai has been ordered to resign any position he holds as a director or officer of an issuer or registrant.
He has been permanently banned from trading in or purchasing any securities or exchange contracts; relying on any of the exemptions set out in the Securities Act, the regulations or a decision; becoming or acting as a director or officer of any issuer or registrant; becoming or acting as a registrant or promoter; acting in a management or consultative capacity in connection with activities in the securities market; and engaging in investor relations activities.
RBP Consulting has also been banned. The partnership included Bai’s wife but the panel determined that Roy Ping Bai was the sole operator and controlling mind.
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