News Release

Vancouver – A person who coached an investor to lie to a B.C. Securities Commission (BCSC) investigator did not obstruct justice under an older version of the Securities Act, the B.C. Court of Appeal has ruled.

The court was considering an appeal by Hunter Wei-Shun Wang, a former employee of FS Financial Strategies Inc. The alleged obstruction stemmed from Wang’s interactions with a 28-year-old man who wanted an investment refunded that he had made a few days before.

The investor’s mother contacted the BCSC, and a BCSC investigator contacted Wang. In response, Wang and an associate advised the investor to tell the investigator that the concerns had been resolved. The coaching included role-playing in which Wang pretended to be the investigator taking the investor’s call.

Wang, who was ordered by the BCSC to pay $30,000 and was suspended from some investment market participation for two years, did not contest the panel’s factual findings. He appealed the panel’s decision on two legal grounds.

First, Wang contended that the Act’s definition of obstruction of justice pertains only to concealing or withholding evidence in the context of a formal BCSC investigation. The panel disagreed, saying that the law intended to prohibit concealment or withholding in both formal and informal investigations.

Wang further argued that the Act’s obstruction of justice provision in 2014 pertained to concealing or withholding evidence only if it happens before an investigation has begun. Two of the three justices agreed with that argument, based on the law’s language in 2014.

The obstruction of justice provision of the Act was amended in 2020 to remove the word “before.”

In upholding the appeal, the court sent the matter back to the BCSC, so that a panel can determine if Wang engaged in conduct that is abusive to capital markets.

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

Media Contact:
Brian Kladko
604-899-6713

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

Learn how to protect yourself and become a more informed investor at www.investright.org