A B.C. man with reported links to prominent Canadian politicians has been ordered to pay more than $8 million after lying to investors about what their money would be used for.
On Thursday, the BC Securities Commission said it has ordered B次元官网网址減ermanent market prohibitionsB次元官网网址� against immigration consultant Paul Se Hui Oei and the three companies he controlled, Canadian Manu Immigration & Financial Services Inc., 0863220 B.C. Ltd. and 0905701 B.C. Ltd.
Starting in 2009, Oei fraudulently solicited a total of $5 million from investors for two startup companies, Cascade Renewable Carbon Corp. and Cascade Renewable Organic Fertilizer Corp., through an B次元官网网址渋ndirect investment structure,B次元官网网址� the commission said.
Oei and his companiesB次元官网网址� representatives said the fraud was due to B次元官网网址減oor record-keeping.B次元官网网址�
That reasoning was not accepted by the commission, which in a report said the respondents had the B次元官网网址渞equisite mental intent for fraudB次元官网网址� and knowingly misappropriated the funds.
The commission said it could not fully capture the money lost by investors, as one of the fake startups had gone bankrupt, while the other had ceased to exist.
The New York Times reported last year Chinese citizens were led to believe their investment with Oei would help them secure permanent residency in Canada.
Instead, the publication said, the money was spent on OeiB次元官网网址檚 own affairs, including beauty pageants, luxury cars and donations to the BC Liberals.
According to Elections BC documents, Oei contributed more than $55,000 to the BC Liberals between 2011 and 2015.
Elections Canada records show Oei has donated nearly $4,500 to the federal Liberals since 2014, and his now-defunct company, Organic Eco-Centre Corp., had hosted a $60- to 90-a-plate pre-election dinner in 2015 featuring Liberal Leader Justin Trudeau at the Richmond Chamber of Commerce.
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