The British Columbia Financial Services Authority (BCFSA) has ordered real estate agent Alan Hu and his personal real estate corporation to pay a CAD 120,000 discipline penalty and cancelled his licences after finding he intentionally undermined a client’s offer to buy a Surrey, B.C. property and manipulated the sales process for his own financial benefit. BCFSA’s investigation found that after the client’s initial offer fell through in late 2017 to early 2018, Hu used information gained from the client’s offer to facilitate a purchase by a family friend, then had the contract assigned to himself and completed the purchase. Hu also received a referral fee from the family friend’s real estate licensee and later sold the property in 2021 for more than USD 1 million above the 2018 purchase price. The authority found conduct unbecoming a licensee and professional misconduct, including failing to act honestly and in the client’s best interests, failing to disclose material information and a conflict of interest, breaching confidentiality, providing trading services outside his licensed brokerage, and not promptly remitting money to his brokerage. Hu was also found to have failed to keep his managing broker informed and to have failed to notify BCFSA of a court judgment in a related civil suit dated January 10, 2025, in which the judge ordered Hu to disgorge all profits from the sale, including the commission taken on the purchase.

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