A woman who used "high-pressure tactics and predatory conduct" on Chinese students has been fined $3.3 million by the BC Securities Commission.
The commission says in a statement that a panel ordered Meiyun Zhang to pay an administrative penalty of $2.5 million and more than $790,000 in the traceable cash she's alleged to have obtained through fraud.
The commission says that between 2014 and 2016, Zhang raised money using a variety of pitches "calibrated to each victim," including exchanging foreign currency, helping students immigrate to Canada or by providing loans to Chinese students to obtain Canadian visas.
The statement says she told them their money would generate monthly returns of six to 10 per cent without risk, but instead spent the cash on personal purchases, gambling and utility bills.
The panel ruled that "Zhang showed a complete disregard for compliance with applicable laws and for markets that are honest and fair," when it ordered her to pay the penalty.
The commission says the investors got some of their money back but lost a combined total of $1.7 million, and Zhang has been banned permanently from the investment market.
The panel noted that the victims’ financial losses led to deferred retirements, severe health problems, the need to sell properties, depression, anxiety or suicidal thoughts.
Zhang's liability and sanctions hearings were conducted in writing, due to her health issues, and she did not participate in either one, the commission's statement says.
