Chien-Hua Liu, also known as William Liu,

NuWealth Financial Group Inc. and CPFS Professional Financial Services Inc.

Decision

I.          Introduction

1. This is the decision of a majority of the Commission panel on the sanctions portion of a hearing under sections 161(1) and 162 of the Securities Act, RSBC 1996, c. 418.  Vice Chair Cave has given separate reasons on the issue of an order under section 161(1)(g), starting at paragraph 78.
   
   
2. The Findings of this panel on liability made on November 23, 2018 (2018 BCSECCOM 372) are part of this decision.
   
   
3. We found that:
   
   a) Chien-Hua Liu (also known as William Liu) contravened section 34(a) of the Act with respect to 48 trades in securities for $1,713,070.80;
   
   b) CPFS Professional Financial Services Inc. contravened section 34(a) of the Act with respect to 54 trades in securities for $1,696,878;
   
   c) NuWealth Financial Group Inc. contravened section 34(a) of the Act with respect to 160 trades in securities for $4,826,504.52; and
   
   d) Liu authorized, permitted or acquiesced in NuWealth’s and CPFS’s contraventions of section 34(a) and therefore, Liu contravened the same provision under section 168.2 of the Act.
   
   
4. The executive director and the respondents provided written and oral submissions on the appropriate sanctions in this case. 

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