Returning Funds to Investors
After an administrative hearing, a panel of the British Columbia Securities Commission can order respondents to pay to the BCSC money they obtained as a result of contravening the Securities Act. In some cases, a court can order a person to pay to the BCSC money they obtained as a result of contravening the Securities Act.
If the BCSC receives money from any of these orders, it must publish a notice and receive and consider applications for payment from the money collected.
Money Received Under 161(1)(g) Orders
The Commission has received money pursuant to these orders in the following cases:
|Case Name||Date of Notice||Claim Deadline Date||BCSECCOM #
||Amount Ordered under 161(1)g
||Amount Received*||Start Your Claim|
|Weiqing Jane Jin
||August 6, 2015
||August 6, 2018||2014 BCSECCOM 424
|Winston King-Loong Kuit
||March 21, 2017
||September 30, 2035||2017 BCSECCOM 53
*This amount may change if the Commission receives additional money under this order after the date of the notice.
Money Paid Out Resulting from 161(1)(g) Orders
The Commission has paid out funds received pursuant to an order that gave rise to a claims process in accordance to s.15.1 and Part 3 of the Securities Regulations in the following cases:
||BCSECCOM #||Date||Supporting Documents|
|Jefferson Franklin Mesidor
||2014 BCSECCOM 6
||December 21, 2020|
|Canada Pacific Consulting Inc.
and Michael Robert Shantz
|2012 BCSECCOM 195
||February 20, 2020||Decision and Order|
||2016 BCSECCOM 413
||December 7, 2017
||Reasons for Decision
|Keith Henry Alexander
||2015 BCSECCOM 305
||December 9, 2016
||Reasons for Decision
What to Do If You Lost Money
If you lost money because of the respondents’ contraventions in one of the cases listed above, you can make a claim for payment from the money the Commission received. Complete your claim by submitting it online by pressing the appropriate Go button and filling in the required information. If you are unable to complete your claim online, print a copy of the Claims Application Form listed beside the relevant case, complete it and submit it to the address provided in BC Policy 15-603 Returning Funds to Investors.
The notice listed under the case name will tell you how long you have to make your claim – you will have at least three months from the date of the notice.
Only eligible applicants can make a claim for money collected pursuant to an order that gave rise to a claims process. An eligible application is a person who:
- suffered pecuniary loss as a direct result of misconduct that resulted in an order that gave rise to a claims process under the Securities Act
- did not directly or indirectly engage in the misconduct that resulted in the order that gave rise to a claims process
- has not been denied a claim under section 7.4 (6) of the Securities Regulation.
What the Commission Will Do After It Receives Your Application
After receiving your claim, the Commission will determine if you are an eligible applicant. If you are, the Commission will then make a decision about your claim.
In making its decision, the Commission will consider:
- the amount of money the Commission received from the order that gave rise to the claims process
- the loss you suffered
- the losses suffered by all eligible applicants
- any other information the Commission considers appropriate in the circumstances.
When calculating your loss, the Commission must consider:
- whether you received or are entitled to receive compensation from other sources for the loss
- whether you benefited from the misconduct that resulted in the order
- the results of any hedging or other risk limitation transactions you made.
You are not entitled to lost interest or opportunity costs.
If there is not enough money to cover all the eligible claims, the Commission may prorate payment among eligible applicants.
The commission will not deny your claim without giving you an opportunity to be heard. It can decide to prorate payments without giving you an opportunity to say why your claim should not be denied.
For more information about whether you are eligible to make a claim and how the Commission will process your claim, please see: