BCSC alleges B.C. man and two B.C. companies traded securities without registration
Vancouver - The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that Chien-Hua Liu (a.k.a. William Liu), NuWealth Financial Group Inc. and CPFS Professional Financial Services Inc. traded securities without being registered.
The notice alleges that at different times between April 2013 and January 2016, NuWealth, CPFS and Liu each acted in furtherance of trades by referring investors to two issuers. As a result of those referrals, investors from B.C. and Hong Kong invested approximately $6.5 million in the securities of the two issuers. NuWealth, CPFS and Liu were not registered for those activities under the Securities Act.
Liu, a B.C. resident, was the sole director of NuWealth prior to 2010 and again from August 2014 to the present, and has been the sole director of CPFS since February 2008. The notice alleges that in his role as director, Liu authorized, permitted or acquiesced in NuWealth's and CPFS's misconduct, and is therefore liable for each company's misconduct under the Securities Act.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on January 30, 2018 at 10 a.m.
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing Chien-Hua Liu, William Liu, NuWealth Financial Group Inc., CPFS Professional Financial Services Inc. or 2017 BCSECCOM 378 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' (CSA) Disciplined List for information relating to persons and companies disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia 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
- 30 -
604-899-6854 or 1-800-373-6393 (toll free)
Learn how to protect yourself and become a more informed investor at www.investright.org