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A BC insurance broker who spent $300,000 of a client's money has avoided any criminal charges and been fined a tiny fraction of the money he took.

Former insurance broker Zi An (Charles) Wang forged a client’s signature, falsified documents, and admitted that he'd "misappropriated" the cash, he also showed no remorse for his actions and was uncooperative during the investigations.

According to an Aug. 10 Insurance Council of BC decision, Wang received a $10,000 fine and a five-year ban.

He also won't face any criminal charges as the RCMP confirmed with the regulator that it has closed its investigation into Wang.

There's no explanation given by the RCMP as to why Wang could take $300,000 of someone else's money and not face any criminal repercussions.

His fine is also a fraction of the amount that some other regulatory boards issue.

A BC mortgage broker who used forged documents in a mortgage application was recently fined $50,000 by the BC Financial Services Authority and the Canadian Investment Regulatory Organization just fined a financial advisor $18,000 for using pre-signed forms to make trades.

Wang was licensed as a life and accident and sickness insurance agent between 2006 and 2007 and again from 2013 to 2018.

The decision doesn't say where or for what company Wang worked for but in 2016 he accepted a $300,000 cheque from a client that was supposed to be invested with the insurer.

READ MORE: BC financial advisor accused of fraud, took $330K from seniors

However, Wang paid the cheque into a different account held by another client. She denied having any relationship with Wang but said she "was only in a business relationship with the Former Licensee as the Former Licensee helped her open a tax-free savings account and assisted with banking services."

Using a forged signature, over several months he then transferred the money into his own bank account.

Wang said all the money went into his "investment business."

Three years later in March 2019, after Wang had left the company, the scam was detected.

The decision says the company contacted the RCMP but two years later, police closed the file.

The company replaced its client's money and offered $2,500 in compensation.

READ MORE: Merritt bank fraudster sentenced to house arrest

Wang later admitted to the regulator that he had caused the client to "lose $300,000" and he used the funds for his business.

Wang was "largely uncooperative" during the regulator's investigation and failed to respond to repeated requests for information, the decision says.

"(The regulator) determined that (Wang's) actions were deliberate and demonstrated a flagrant disregard for the laws governing (his) conduct," the decision reads. "(Wang) caused significant harm to his clients and to the Insurer. Furthermore, (he) has not made any efforts to remedy his misconduct."

Ultimately, Wang was fined $10,000 – 3% of the money he took – and ordered to pay $1,687 in costs. He also won't be eligible to apply for an insurance licence for five years.

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