The BCSC announced Tuesday that it has received just under $76,000 from Winston King-Loong Kuit, who settled regulatory proceedings against him earlier this year in connection with unregistered trading, advising, and distributing securities without a prospectus.
“Kuit acted as a finder for SBC Financial Group Inc. and solicited investors to invest approximately $2.4 million in SBC. Approximately $1.8 million of those distributions did not qualify for any exemptions from the prospectus requirements,” the regulator says in a statement notes.
Alghough Kuit was registered, “his registration category did not permit him to trade in SBC securities.”
Under the settlement, Kuit agreed to pay a $20,000 fine and $147,500, representing the commissions he received from his misconduct.
The BCSC is now accepting claims from victims of the misconduct. Investors have until March 21, 2020 to make a claim on the funds.