Dealer sold $2.1 million in securities and lied about it to investigators, B.C. commission alleges

A sign at the B.C. Securities Commission office in downtown Vancouver is seen on Dec. 28, 2024. (CTV News)

An investment professional lied while under oath by saying she had not sold securities from a specific company, when she actually had solicited more than $2 million from investors, the B.C. Securities Commission alleges in a hearing notice.

The BCSC has scheduled a hearing for Zhuo Ying Liu, also known as Charlene Liu, based on allegations she made “materially false or misleading statements” to an investigator during a compelled interview.

According to the notice, Liu was registered as a representative for an exempt market dealer (EMD) offering investments in an unnamed company. That company failed to provide documentation to the EMD and it stopped offering trades in July of 2020.

Despite the EMD’s instructions, the BCSC alleges Liu continued soliciting investments in the company between August 2020 and October 2022.

The commission later ordered an investigation—which Liu was not a subject of—into the securities.

As part of that, she was summoned to give evidence to an investigator under oath in May of 2024.

During the interviews, the BCSC alleges, Liu stated she did not sell securities to an investor referred to as JC after July 2020. In fact, she sold JC $100,000 worth in April 2021 and another $100,000 in December 2021, according to the regulator.

She allegedly claimed she also did not sell securities to another investor named as CK, but CK purchased $200,000 in August 2020, $21,000 in September 2020 and $100,000 in March 2021.

The commission further alleges Liu facilitated 18 purchases of securities from 11 other investors totaling $1,443,309, despite telling the investigator she sold nothing after July 2020.

The BCSC’s allegations have not been proven. The date for Liu’s hearing has not yet been set, but if she wishes to make a statement to the BCSC before it begins, she must attend the Vancouver office before July 21.