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December 31, 2022 - 2:30 PM
A B.C. man who ran an unlicensed property rental company for years is on the hook for more than $100,000.
According to a Dec. 21 B.C. Financial Services Authority decision, Gee Sing Jason Pao had previously agreed not to provide unlicensed property management services in 2014 but continued to do so.
The decision says Pao ran Burnaby-based MG Property Management from 2000 to 2017.
In 2013 the first complaint was made against Pao for running an unlicensed property management company.
The following year Pao admitted to the regulator he'd been running the unlicensed company and providing services to approximately 35 residential units.
Pao agreed with the regulator to stop services until he got a license.
However, he didn't get licenced and carried on.
In 2015 more complaints followed and the regulator appears to have put an end to his unlicenced work in 2017.
He agreed to pay a penalty of $75,000 to the regulator along with a further $30,000 "to reflect a disgorgement of the remuneration he received for unlicensed rental property management services between November 2016 and December 2017."
The B.C. Financial Services Authority also made him pay costs of $2,690.
He has three months to pay.
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