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Freeze Order
- Licensee
- Stephen Lam, Stephen Lam
- Brokerage at Time of Sanctioned Activity
- Coral Property Management Inc.
- Current Brokerage
- Coral Property Management, Richmond
- Freeze Order Date
- 6 February 2020
Summary
IN THE MATTER OF THE REAL ESTATE SERVICES ACT
SBC 2004, c 42 as amended
AND
IN THE MATTER OF
CORAL PROPERTY MANAGEMENT INC.
(X033908)
AND
STEPHEN LAM
(082289-2)
ORDER TO FREEZE PROPERTY UNDER SECTION 46
Upon reading the sworn Affidavits of Lisa Holst, Senior Director, Accounting and Audit; Brian Jae, Auditor; Phillip Staskiewicz, Auditor; and Rosanna Lin, Manager, Legal Services Support Team, all employed by the Real Estate Council of British Columbia ("RECBC"), and upon hearing the submissions of Janice Moore and Kyle Ferguson, counsel for the RECBC, this Discipline Committee is satisfied that the requirements in section 45(1) of the Real Estate Services Act ("RESA") have been met:
- there has been conduct on the part of Stephen Lam in respect of which a Disciplinary Committee could make an order under section 43 of the RESA;
- there has been conduct on the part of Coral Property Management Inc. in respect of which a Disciplinary Committee could make an order under Section 43 of RESA;
- in each case, the length of time required to complete an investigation or hold a disciplinary hearing, or both, would be detrimental to the public interest;
- it is in the public interest to make an order under section 45 of the RESA against Stephen Lam;
- it is the public interest to make an order under section 45 of the RESA against Coral Property Management Inc.; and
- it is in the public interest that an order be made under 46 of the RESA.
Therefore, we order:
- under section 46(2)(a) of the RESA, that Stephen Lam and Coral Property Management Inc. be prohibited from withdrawing any funds out of the bank accounts currently held by Coral Property Management Inc. on deposit for Coral Property Management Inc., and whether held solely or jointly, including the following bank accounts located at XXXXX located at XXXXX, Richmond BC (Branch #XXXX):
- XXXXX account number XXX-XXXX-XXXXXXX (Corporate General Account);
- XXXXX account number XXX-XXXX-XXXXXXX (Pooled Rental Trust Account);
- XXXXX account number XXX-XXXX-XXXXXXX (Rental Trust Account in trust for XXXXXXX); and
- XXXXX account number XXX-XXXX-XXXXXXX (Commission Trust Account);
- under section 46(3) of the RESA, that XXXXX to freeze and hold any and all accounts held on deposit for, or in the name of, Coral Property Management Inc., whether solely or jointly, and including the following accounts held at XXXXX, Richmond BC (Branch #XXXX):
- XXXXX account number XXX-XXXX-XXXXXXX (Corporate General Account);
- XXXXX account number XXX-XXXX-XXXXXXX (Pooled Rental Trust Account);
- XXXXX account number XXX-XXXX-XXXXXXX (Rental Trust Account in trust for XXXXXXX); and
- XXXXX account number XXX-XXXX-XXXXXXX (Commission Trust Account),
with immediate effect and until such time as further order is made by a discipline committee of the RECBC or a court.
TAKE NOTICE that Stephen Lam and Coral Property Management Inc. may, pursuant to section 45(6) of the RESA, require a disciplinary hearing to be held by delivering written notice to the RECBC at its offices at Suite 900, 750 West Pender, Vancouver, BC.
This Order is made on February 6, 2020 at Vancouver, BC.
FOR THE DISCIPLINE HEARING COMMITTEE
"Sukh Sidhu"
_________________________________
Name: Sukh Sidhu
Title: Discipline Hearing Committee Chair
"Ruth Hanson"
_________________________________
Name: Ruth Hanson
Title: Discipline Hearing Committee Member
"Neal Nicholson"
_________________________________
Name: Neal Nicholson
Title: Discipline Hearing Committee Member