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 “permanent market prohibitions” 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 “indirect investment structure,” the commission said.
Oei and his companies’ representatives said the fraud was due to “poor record-keeping.”
That reasoning was not accepted by the commission, which in a report said the respondents had the “requisite mental intent for fraud” 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 Oei’s 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.
