A Vancouver lawyer who was barred from financial markets by British Columbia's securities regulator earlier this year has agreed to an eight-year ban from practicing law in the province.
According to the Law Society of BC, Faiyaz A. Dean has already been banned from practicing law since 2020, meaning his total ban is 12 years
The BC Securities Commission issued Dean a lifetime ban from trading earlier this year in response to a default judgment against him in the United States.
That country's Securities and Exchange Commission accused him of participating in a “fraudulent scheme to conduct illegal, unregistered sales of and manipulate the market for stocks” of a company called Biozoom Inc. The scam netted approximately $34 million in illicit proceeds, according to the BCSC decision.
Dean has appealed the BCSC ruling, according to a Bar Association press release announcing the disbarment on Friday.
According to the bar association, Dean agreed not to practice law for another eight years in a proposal filed in response to a misconduct charge against him.
In the proposal, Dean acknowledged a number of wrongdoings, including “using his escrow account to receive and disburse funds on behalf of multiple clients without providing substantive legal services or inquiring into the circumstances of the transactions.”
He also admitted “engaging in activities that he should have known contributed to or encouraged dishonesty, criminality or fraud,” the bar said.
Under the agreement, Dean is prohibited from practicing law anywhere in Canada and cannot apply to practice anywhere else in Canada unless he first notifies the Bar Association.
If he applies for reinstatement after the ban expires, Dean must attend a credentialing hearing and demonstrate that he is “of good character and fitness to practice law.”
“The Bar recognizes that attorney misconduct that facilitates or may facilitate securities fraud poses significant risks to the public and takes such matters very seriously,” the organization said in its news release.
“The Bar appreciates the Securities and Exchange Commission’s cooperation in this investigation.”
Comments are closed.