Vancouver lawyer banned from investment markets for life also barred from practising law
![Scales of justice generic Scales of justice. (Shutterstock)](/content/dam/ctvnews/en/images/2021/9/8/scales-of-justice-generic-1-5576926-1657060572744.jpg)
A Vancouver lawyer who was banned from the financial markets by B.C.'s securities regulator earlier this year has agreed to an eight-year ban on practising law in the province.
Faiyaz A. Dean has already been prohibited from practising since 2020, meaning his total ban will be 12 years, according to the Law Society of B.C.
The B.C. Securities Commission issued Dean's lifetime market ban 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 effect illegal, unregistered sales of and manipulate the market for shares of" a company called Biozoom Inc. The fraud generated approximately US$34 million in illicit proceeds, according to the BCSC's decision.
Dean has appealed the BCSC ruling, according to a news release from the law society announcing the practice ban Friday.
According to the law society, Dean agreed not to practise law for an additional eight years in a proposal submitted in response to a law society misconduct citation against him.
In the proposal, Dean admitted to a variety of misconduct, including "using his trust account to receive and disburse funds on behalf of several clients without providing substantial legal services or inquiring about the circumstances of the transactions."
He also admitted to "engaging in activities that he ought to have known assisted in or encouraged dishonesty, crime or fraud," according to the law society.
As a result of the agreement, Dean is banned from practising law throughout Canada, and he cannot apply to practise anywhere else in the world unless he notifies the law society first.
If he applies for reinstatement after the ban expires, Dean must participate in a credentials hearing and demonstrate he is "of good character and fitness to practise law."
"The law society recognizes that misconduct by lawyers that facilitates, or has the potential to facilitate, securities fraud poses significant risks to the public, and takes such matters very seriously," the organization said in its release.
"The law society appreciates the co-operation of the U.S. Securities and Exchange Commission in this investigation."
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6976926.1721883767!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
LIVE @ 11:15 A.M. MT Extent of Jasper wildfire damage still unknown; Alberta Wildfire hosting update
Officials are waiting to learn Thursday morning the extent of wildfire damage in the Jasper townsite of Jasper National Park, which flames began to eat away at the night before.
WATCH LIVE Jasper wildfire burns buildings, while poor air quality forces some fire crews out
Prime Minister Justin Trudeau announced on social media that Ottawa has approved Alberta's request for federal assistance after a fast-moving wildfire hit Jasper National Park and its townsite late Wednesday.
Jennifer Aniston criticizes JD Vance for 'childless cat ladies' remarks: 'I pray that your daughter is fortunate enough to bear children'
Jennifer Aniston is criticizing JD Vance for comments he made in his past about women without children.
Canadian women's soccer team staffer given suspended prison sentence over drone incident, prosecutor says
A Canada women's soccer team staffer has been given an eight-month suspended prison sentence after flying a drone to film the closed-door training session of the New Zealand team on Monday, the prosecutor's office said in a statement.
WATCH LIVE 'Sick to my stomach': People grieve Jasper National Park by sharing favourite photos
As an out-of-control wildfire roared through Alberta’s famed Jasper National Park and its townsite late Wednesday, many are fearing the worst as officials warned of 'significant loss' within the area.
Spicy dispute over the origins of Flamin' Hot Cheetos winds up in court
A former PepsiCo executive is suing the company, saying it destroyed his career after questioning his claim that he invented the popular flavor of Cheetos snacks.
Prince William made $42 million from his newly inherited estate last year, reports show
Newly released financial reports show that William, the Prince of Wales, drew a salary of $42.1 million last fiscal year, his first since inheriting the vast and lucrative Duchy of Cornwall.
Sale of envoy's NYC condo 'expected to exceed' $9M: government
The current official residence for Canada's representative in New York City is 'being readied for sale,' according to a spokesperson from Global Affairs Canada.
'It's certainly a central piece:' Prince Harry blames tabloids for family breakdown
Prince Harry, speaking in clips published on Wednesday from a new documentary, said his legal battles with Britain's tabloid press have contributed to the breakdown of his relationship with the Royal Family.