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 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 .
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 after a B.C. Supreme Court Justice found them liable last year for fraudulent representation against the prospective immigrant.
- With files from Graeme Wood
