VANCOUVER, BC, April 24,
2024 /CNW/ - A B.C. resident has paid $10,000 to the B.C. Securities Commission (BCSC)
and agreed to a temporary market ban after admitting to advising on
and trading in securities without being registered.
Wayne Lo entered into informal
investment agreements with two investors in late 2021, with assets
in their accounts totalling US$105,000. Lo made frequent discretionary trades
in S&P 500 and Nasdaq futures contracts on behalf of the
investors, in exchange for 50 per cent of their trading profits. Lo
lost a total of US$85,000 in the
investors' accounts and therefore did not receive any profits.
Lo was not registered under B.C.'s Securities Act to
perform this type of activity.
Under the settlement agreement, Lo is also temporarily
prohibited from participating in the public markets for three
years, except as an investor in his own accounts.
Lo fully cooperated with the BCSC's investigation and he does
not have a history of securities misconduct.
About the B.C. Securities
Commission (www.bcsc.bc.ca)
The B.C. 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