A Richmond-based investment advisor has been banned from a national registry and fined $250,000.
A panel for the Investment Industry Regulatory Organization of Canada (IIROC) heard that Yu Qiong (Kevin) Li, who was working for TD Waterhouse Canada Inc. on Cooney Road in Richmond at the time, is fluent in Chinese and Mandarin and was one of several multi-lingual advisors providing services to clients who spoke those languages.
According to the findings of the IIROC panel, Li had clients who were based in both B.C. and China.
Li was found to have been behind infractions that include unauthorized investment purchases and discretionary trading within client accounts.
As a result, he has been prohibited from being a registered member of the self-regulatory organization, as well as being fined $250,000.
Li was also found to have been uncooperative during the IIROC’s lengthy investigation — which began in 2013 — into his dealings and was ordered to pay costs of $15,000.
During the IIROC investigation, the panel heard how Li evaded contact by phone, email and mail, as well as leaving the country and refusing to provide contact information for his new residence in Beijing.
The panel further stated that, Li’s actions had a negative effect on clients, their trust of registrants, IIROC’s ability to conduct investigations, not to mention the reputation of TD Waterhouse.
“The harm to the respondent’s employer, the dealer member, included the economic damage to it of having to compensate clients for his misconduct,” the panel added, “and the harm to its reputation and the integrity of its compliance systems, particularly in the Chinese-speaking community.”
