The British Columbia Securities Commission announced March 21 that it has received $75,984.92 from an order made against Winston King-Loong Kuit.
On Feb. 17, 2017, the BCSC entered into a settlement agreement with Kuit, a B.C. resident, for unregistered trading, unregistered advising, and distributing securities without a prospectus. Kuit acted as a finder for SBC Financial Group Inc. and solicited investors to invest approximately $2.4 million in SBC.
Not permitted to trade in SBC securities
Approximately $1.8 million of those distributions did not qualify for any exemptions from the prospectus requirements of the Securities Act. Kuit was registered under the Act for most of the relevant period, but his registration category did not permit him to trade in SBC securities.
As part of the settlement, Kuit agreed to an order under section 161(1)(g) of the Act to pay $147,500, which was the amount he received as commissions for his misconduct. Kuit also agreed to pay a $20,000 fine to the BCSC and is subject to market bans for a period of 15 years.
Eligible applicants who lost money can make a claim
Under changes made to the Securities Act in November 2013, the BCSC must make money it receives from an order under section 161(1)(g) available to eligible applicants who lost money as a direct result of respondent misconduct. Investors can make a claim to the BCSC using the required form, no later than March 21, 2020. For more information, consult the BCSC’s website page Returning Funds to Investors.