Agent Fined $120K, Licences Cancelled for Undermining Bid
At the end of 2017 and into 2018, Alan Hu was assisting a client in purchasing a property in Surrey, B.C. When the client’s initial offer fell through, Hu used information from that offer to help a family friend purchase the same property, despite the client’s continued interest. The friend’s offer was accepted, and the contract was later assigned to Hu, who completed the purchase and received a referral fee from the friend’s licensee.
In 2021, Hu sold the property for over $1 million more than the 2018 purchase price. The client discovered Hu had bought the property after seeing him there and obtaining a copy of the title. The client filed a civil claim and a complaint with BCFSA.
The court ordered Hu to disgorge all profits from the sale, including the commission he improperly received. A BCFSA investigation concluded Hu committed conduct unbecoming a licensee by undermining the client’s bid and manipulating the sales process for personal gain. Read more here.
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