A realtor who gave a loan to a client for a deposit on a Richmond property will have to pay $15,000 in administrative penalties.
Peter Cheung was ordered to pay three administrative penalties for contravening the Real Estate Services Rules, according to a notice of administrative penalty published by the BC Financial Services Authority (BCFSA) on July 10.
Cheung, who had provided a loan to a client by facilitating a bank draft from his personal bank account, failed to avoid conflicts of interest, disclose the conflict to the client and advise the client to seek independent advice, reads the notice.
All three were first contraventions and the penalty for each contravention is $5,000.
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