Notices of Hearing & Temporary Orders
Lei Qiao [Notice of Hearing]
BCSECCOM #:2020 BCSECCOM 146
Document Type:Notice of Hearing
2020 BCSECCOM 146
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Notice of Hearing
Section 161 of the Securities Act, RSBC 1996, c. 418
- The British Columbia Securities Commission (Commission) will hold a hearing (Hearing) at which the Executive Director will tender evidence, make submissions and apply for orders against Lei Qiao (Qiao) under sections 161, 162 and 174 of the Securities Act, RSBC 1996, c. 418 (the Act), based on the following facts:
1. Qiao provided false information in records required to be filed under the Act, as part of two separate applications for reactivation of his registration.
2. By engaging in the conduct as set out in this Notice of Hearing, Qiao contravened section 168.1(1)(b) of the Act.
3. Qiao is a resident of Surrey, British Columbia.
4. Qiao was registered under the Act as a mutual fund dealing representative with an investment dealer (Investment Dealer A) from May 7, 2015 until January 5, 2016, the date when Investment Dealer A terminated Qiao for cause.
Providing false information in the first reactivation application
5. On August 19, 2016, another investment dealer (Investment Dealer B) submitted a Form 33-109F4 Registration of Individuals and Review of Permitted Individuals (the First Form 4) to the National Registration Database (NRD), on Qiao’s behalf, to reactivate Qiao’s registration as its mutual fund dealing representative.
6. Qiao provided information for the First Form 4, and he was ultimately responsible for ensuring that the information in the First Form 4 was true.
7. In the First Form 4, Qiao provided false information twice:
a) he stated that he had left his previous employment with Investment Dealer A voluntarily, when in fact, he had been dismissed for cause; and
b) he listed his termination date as May 2016 when in fact, he had been terminated in January 2016.
Providing false information in the second reactivation application
8. On March 16, 2017, another investment dealer (Investment Dealer C) submitted a Form 4 (the Second Form 4) to the NRD, on Qiao’s behalf, to reactivate Qiao’s registration as a mutual fund dealing representative.
9. Qiao provided information for the Second Form 4, and he was ultimately responsible for ensuring that the information in the Second Form 4 was true.
10. In the Second Form 4, Qiao provided false information that he had left his previous employment with Investment Dealer A voluntarily, when in fact, he had been dismissed for cause.
- The Respondents or their counsel are required to attend at the 12th Floor Hearing Room, 701 West Georgia Street, Vancouver, British Columbia, on June 17, 2020, at 9 a.m. if they wish to be heard before the Commission sets a date for the Hearing. Relevant information gathered by Commission Staff in the investigation of this matter will be disclosed to the Respondent upon request to the Executive Director.
Peter J Brady
May 19 2020 10:19 AM -07:00
- Peter J. Brady