BCSC seeks to return investors' funds recovered in Oei fraud case

VANCOUVER, BC, April 4, 2023 /CNW/ - Investors defrauded by Paul Se Hui Oei and Canadian Manu Immigration & Financial Services Inc. can apply to get some of their money back, after the B.C. Securities Commission (BCSC) received partial payment of a financial sanction.

The BCSC has received $69,887.85 from a party other than Oei or Canadian Manu, which it will distribute to eligible claimants. The BCSC has published a notice about the availability of funds, and investors who lost money as a direct result of Oei's misconduct may make a claim using this form no later than August 11, 2023.

In 2017, a BCSC panel found that 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 toward start-up costs, as investors were told.

In addition to permanent market prohibitions against Oei and the three companies, the panel ordered Oei and Canadian Manu to pay combined administrative penalties of $5.5 million. The panel also ordered Oei and Canadian Manu to pay approximately $3.1 million for the amount obtained from wrongdoing.

About the B.C. Securities Commission (www.bcsc.bc.ca)

The B.C. Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

• A securities market that is fair and warrants public confidence
• A dynamic and competitive securities industry that provides investment opportunities and access to capital

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission

Media Contact: Brian Kladko, 604-899-6713; Public inquiries: 604-899-6854 or 1-800-373-6393 (toll free), [email protected]