A British Columbia woman has been permanently banned and ordered to pay $3 million to settle allegations that she fraudulently raised at least $30 million from investors, the B.C. Securities Commission (BCSC) announced on Wednesday.

The BCSC settled with Virginia Tan, who admitted she first raised money to fund her business, Letan Investments Management, which provided short-term, high-interest loans.

She discontinued the business in 2011, but continued raising money from investors, which was used to repay other investors.

“The total amount she raised from investors after 2011 was approximately the same amount she paid investors in principal and interest payments. However, many investors suffered substantial losses as a result of their investments with Tan,” the BCSC says in a news release.

In the settlement, Tan admitted to fraud for failing to inform investors that she was not operating her business, and was using investors’ funds to repay other investors.

In 2016, Tan was petitioned into bankruptcy, in the wake of lawsuits from some of her investors.

Tan agreed to pay the BCSC $3 million, once she has repaid investors. She also agreed to be permanently banned from the securities market.