RICHMOND, B.C. — Richard Yung Shyang Chen, 37, is on trial facing charges of unlawful trading in a security and distributing securities without a prospectus, stemming from alleged misconduct dating back to 2017, according to a media release from the BC Securities Commission (BCSC) on March 21, 2024.
Chen allegedly violated “quasi-criminal” provisions of the B.C. Securities Act during activities in Burnaby between 2017 and 2018. The charges were brought after an investigation by the BCSC’s criminal investigations branch.
Arraigned last September, Chen is currently before Vancouver Provincial Court Judge Ellen Gordon. On July 3, Chen testified under cross-examination by defence lawyer Jessica Dawkins and Crown prosecutor Kevin Marks, discussing his involvement with Brent Chow’s company and an investment club.
Chen stated he had growing concerns about the investment club, revealing he invested $100,000 in a real estate project only to find the funds transferred elsewhere. “I was worried that he was scamming everybody,” Chen said, accusing Chow of spending on “friends, women, drinks.” He disclosed filing an anonymous complaint with the BCSC in April 2019.
During questioning, Chen acknowledged working for Chow at times and testified about his employment with World Financial Group (WFG) since August 2016 as a mutual funds dealer and insurance agent. Chen admitted he did not inform WFG immediately about his involvement with Chow, explaining he didn’t consider being scammed as employment.
The trial, which began in May, is expected to conclude testimony on July 4. Violations of the B.C. Securities Act can carry penalties including imprisonment, probation, or restitution orders.
Separately, the BCSC revealed that Brent Wai Keun Chow, 45, of Coquitlam, faces fraud and theft charges related to alleged misconduct in Burnaby during the same period. Chow was arrested in February and released under strict conditions prohibiting contact with victims or involvement in securities activities.
When asked about any connection between Chow and Chen, the BCSC declined to confirm, citing the ongoing court proceedings.
