Freeze Order

Published on 10 February, 2020

Female lawyer reviewing documents
Licensee
Stephen Lam, Stephen Lam
Current brokerage
Regent Park Pinnacle Realty, Vancouver
Brokerage at time of sanctioned activity
Regent Park Pinnacle Realty
Freeze Order date
February 6, 2020

Summary

IN THE MATTER OF THE REAL ESTATE SERVICES ACT

SBC 2004, c 42 as amended

AND

IN THE MATTER OF

604655 B.C. LTD. DBA REGENT PARK PINNACLE REALTY

(X027068)

AND

STEPHEN LAM

(082289)

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:

  1. 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;
  2. there has been conduct on the part of 604655 B.C. Ltd. dba Regent Park Pinnacle Realty in respect of which a Disciplinary Committee could make an order under Section 43 of RESA;
  3. 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;
  4. it is in the public interest to make an order under section 45 of the RESA against Stephen Lam;
  5. it is in the public interest to make an order under section 45 of the RESA against 604655 B.C. Ltd. dba Regent Park Pinnacle Realty; and
  6. it is in the public interest that an order be made under 46 of the RESA.

Therefore, we order:

  1. under section 46(2)(a) of the RESA, that Stephen Lam and 604655 B.C. Ltd. dba Regent Park Pinnacle Realty be prohibited from withdrawing any funds out of the bank accounts currently held by 604655 B.C. Ltd. dba Regent Park Pinnacle Realty on deposit for 604655 B.C. Ltd. dba Regent Park Pinnacle Realty, and whether held solely or jointly, including the following bank accounts located at XXXXX located at XXXXX, Richmond BC, XXXXXX (Branch #XXXXX):
    1. XXXXX account number XXX-XXXX-XXXXXXX (Rental Pooled Trust Account)
    2. XXXXX account number XXX-XXXX-XXXXXXX (Commission Trust Account);
    3. XXXXX account number XXX-XXXX-XXXXXXX (General Account);
    4. XXXXX account number XXX-XXXX-XXXXXXX (WG Account); and
    5. XXXXX account number XXX-XXXX-XXXXXXX (Other);
  1. 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 604655 B.C. Ltd. dba Regent Park Pinnacle Realty, whether solely or jointly, and including the following accounts held at XXXXX, Richmond BC, XXXXXX (Branch #XXXXX):
    1. XXXXX account number XXX-XXXX-XXXXXXX (Rental Pooled Trust Account)
    2. XXXXX account number XXX-XXXX-XXXXXXX (Commission Trust Account);
    3. XXXXX account number XXX-XXXX-XXXXXXX (General Account);
    4. XXXXX account number XXX-XXXX-XXXXXXX (WG Account); and
    5. XXXXX account number XXX-XXXX-XXXXXXX (Other),

TAKE NOTICE that Stephen Lam and 604655 B.C. Ltd. dba Regent Park Pinnacle Realty 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