Nine investors defrauded by a Richmond resident will get to divide up $69,887.85 as partial payment for their losses.
The B.C. Securities Commission (BCSC) announced Thursday its plans to divide the money received from an undisclosed third party to repay victims of Paul Se Hui Oei and Canadian Manu Immigration & Financial Services Inc.
The BCSC announced the availability of the funds in April 2023 and received applications from nine investors. The funds, which will not cover the claims in full, will be divided on a prorated basis.
Oei and his three companies, including Canadian Manu, were found in 2017 to have committed fraud by misappropriating investment funds after raising $13.3 million for two start-up companies.
The BCSC banned Oei permanently from trading in or purchasing securities or exchange contracts. Oei and Canadian Manu were ordered to pay administrative penalties of $5.5 million and $3.1 million for the amount obtained as a result of their wrongdoing.
He was also ordered, along with his wife Loretta Lai, to pay $5 million to a Chinese citizen after a B.C. Supreme Court Justice found them liable last year for fraudulent representation against the prospective immigrant.
- With files from Graeme Wood
