After receiving a partial payment of financial sanctions, the British Columbia Securities Commission (BCSC) announced that investors defrauded by former insurance broker, Paul Se Hui Oei and Canadian Manu Immigration & Financial Services Inc. can apply to get some of their money back.
The BCSC says it received the $69,887.85 payment from a party other than Oei himself or Canadian Manu, but did not specify where the amount came from. It is a partial payment of $5.5-million in sanctions ordered in the case. The firm and Oei were additionally ordered to pay approximately $3.1-million, representing an amount obtained from wrongdoing.
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“In 2017, a BCSC panel found the Oei and three companies he controlled committed fraud when they misappropriated investors’ funds and used them for their own purposes. Oei and his companies raised approximately $13.3-million for two start-up companies, but did not direct all of the investors’ funds towards start-up costs, as investors were told,” the BCSC states in its announcement about the applications defrauded investors can file. Of the $13.3-million raised, reportedly $5-million was misappropriated. Oei has since been banned from trading in any accounts but his own in at least two provinces.
Those who lost money as a direct result of Oei’s misconduct may make a claim at the BCSC’s website, by way of an online form, no later than August 11, 2023.
