This week, a British Columbia Securities Commission (BCSC) panel permanently banned Tin Chao Alan Lau from B.C.’s capital markets for fraud involving a Richmond-based, non-profit seniors’ centre.
In June, the panel found that Lau, a founder and director of the centre, persuaded an elderly volunteer at the facility to invest $50,000 in the seniors’ centre in December 2013.
Lau told the investor that his money would be used to buy and resell goods to low-income seniors.
Instead, the panel found that Lau deposited the investor’s money into his own bank account and used it to pay for personal expenses.
For his misconduct, the panel has ordered that Lau pay an administrative penalty of $85,000.
The panel also ordered that he pay a disgorgement of $37,266, the amount obtained by Lau after repaying $12,734 in interest and principal to the investor.
Lau must also resign any position he holds as, and is permanently prohibited from becoming or acting as, a director or officer of an issuer or registrant.
