Suspension Order

Published on 10 February, 2020

Female lawyer reviewing documents
Licensee
Stephen Lam, Stephen Lam
Current brokerage
Coral Property Management, Richmond
Brokerage at time of sanctioned activity
Coral Property Management
Suspension 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

CORAL PROPERTY MANAGEMENT INC.

(X033908)

AND

STEPHEN LAM

(082289-2)

SUSPENSION ORDER UNDER SECTION 45

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 Coral Property Management Inc. 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; and
  5. it is the public interest to make an order under section 45 of the RESA against Coral Property Management Inc.

Therefore, we order:

  1. under section 45(2)(a) of the RESA, that the licence of Stephen Lam, being licence number 082289-2, is suspended;
  2. under section 45(2)(a) of the RESA, that the licence of Coral Property Management Inc., being licence number X033908, is suspended;
  3. under sections 45(2)(c) of the RESA, that Stephen Lam and Coral Property Management Inc. cease providing real estate services to any member of the public;
  4. under section 45(2)(c) of the RESA, that Stephen Lam and Coral Property Management Inc. deliver forthwith and/or provide access to all books and records in the possession or control of either of them and whether in electronic or paper form related to their provision of real estate services including accounts and books of accounts, bank records, bank statements, and any passwords to access password protected devices or websites, computers and client information to the RECBC at its offices located at Suite 900, 750 West Pender Street, Vancouver, BC;
  5. under section 45(2)(c) of the RESA, that Stephen Lam and Coral Property Management Inc. cease all dealings with the bank accounts currently held by Coral Property Management Inc. on deposit for or in the name of 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):
    1. XXXXX account number XXX-XXXX-XXXXXXX (Corporate General Account);
    2. XXXXX account number XXX-XXXX-XXXXXXX (Pooled Rental Trust Account);
    3. XXXXX account number XXX-XXXX-XXXXXXX (Rental Trust Account in trust for XXXXXXX); and
    4. XXXXX account number XXX-XXXX-XXXXXXX (Commission Trust Account); and

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