A British Columbia Securities Commission (BCSC) panel has found that Roy Ping Bai (aka Ping Bai) and RBP Consulting committed fraud against nine investors for approximately $1.4 million.
Bai was a resident of Vancouver and West Vancouver, B.C. during the relevant period. RBP Consulting is a general partnership of which Bai and his wife were the only two partners. Bai was RBP’s sole operating and controlling mind.
The panel found that Bai and RBP received $1,530,000 from investors who were told their funds would be invested in foreign exchange trading. The respondents deposited $129,000 in foreign exchange trading accounts and used the rest of the investors’ funds for other purposes.
When describing Bai’s and RBP’s misconduct, the panel stated, “the respondents clearly misappropriated most of the investors’ funds and used them for purposes other than how the respondents represented to the investors that their funds would be used.”
A decision on sanctions will be issued later.