VANCOUVER — In the tightly-knit apple of Vancouver’s affluent Chinese immigrants, Paul Se Hui Oei stood out for his ties to some of Canada’s best able politicians and his ability of cultivating guanxi, or claimed relationships, that admiring legions of Chinese audience acquisitive for his abetment in accepting a acknowledged ballast in Canada.
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But abaft broke doors, the authorities say, Oei, a arresting clearing adviser and philanthropist, ran an busy artifice scheme, pocketing millions from investors, including abounding Chinese citizens led to accept their advance would advice them defended abiding address in Canada. Instead, the authorities say, he spent the money on affluence cars, adorableness pageants and donations to political parties.
“Everything he said were lies,” said Chen Wei, a Chinese immigrant who testified beforehand this year in a case adjoin Oei afore a British Columbia Securities Bureau panel. Chen’s ancestors invested $1 actor in Oei’s project, according to audition transcripts.
On Wednesday, the British Columbia Securities Bureau disqualified Oei, who denied the allegations, had swindled about $4 actor from investors.
Oei and his companies “misappropriated these funds and acclimated them for their own purposes and not as the investors were told they would be used,” the console stated. Oei beneath to comment.
British Columbia is aggravating to afford its acceptability as a axis of banking abomination and to barrier all-embracing money bed-making at its casinos, a convenance the bigoted advocate accepted said was accepted as the “Vancouver model.”
But it is cryptic whether Oei will accept to pay for his malfeasance. Although the bureau is accepted to appoint penalties on Oei to compensate the fraudulently acquired funds, the bigoted authoritative bureau has faced criticism afresh from the British Columbia government for its afflictive administration record.
In acknowledgment to an analysis aftermost ages by The Vancouver Sun that showed the bureau had calm beneath than two percent of $398 actor in banking penalties over the accomplished decade, the B.C. accounts minister, Carole James, alleged on the bureau to advance its administration methods.
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“It is advancing to see the credible abridgement of accountability for white collar abyss who accept broke people’s lives through banking fraud,” James said in an emailed statement.
According to experts, Oei’s case is allotment of a arrangement of problems with Canada’s clearing programs, which, like the United States, set abreast coveted address permits for adopted investors. Some additionally say it underscores a adverse blemish in the Canadian amends system, which generally allows white-collar abyss to airing abroad with little added than a bang on the wrist.
“Canada doesn’t booty banking abomination seriously,” said Christine Duhaime, a advocate in Vancouver who specializes in laws ambidextrous with agitator costs and money laundering.
In Vancouver, Oei endemic an clearing consulting and banking casework company, and accustomed to use his access in the Chinese association to accession money for a recycling startup, Cascade.
Oei additionally answer his access with top Canadian politicians, including again B.C. arch Christy Clark and Prime Abbot Justin Trudeau.
But the bureau said that from 2009 to 2013, Oei told investors that his activity was accustomed by the British Columbia government (it was not) and that their investments would accord Chinese citizens the appropriate to arrive to Canada, as able-bodied as battery them with profits. All they had to do was alteration funds into the assurance annual of a bounded advocate and affiliate of the Canadian Parliament, Joe Peschisolido.
“This fabricated investors feel safe, and that their money would be safe,” Mila Pivnenko, one of the bureau lawyers, told the panel. “Of course, Oei was the alone being who directed the advocate area to acquit the funds from the assurance account.”
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Peschisolido and his close abjure any wrongdoing.
The bureau said Oei secretly transferred millions of dollars meant for the recycling aggregation into his own coffer accounts and issued shares in companies with no assets to investors in adjustment to abstain detection.
Oei aloft about $13.3 actor from 64 investors, but the bureau says he kept $6.9 actor for himself. Aback Cascade went broke in 2013, Oei told abounding investors they could compensate their money if they topped up their investment, after alerting them that added that bisected of the funds he had already aloft from investors had never been beatific to the project, the bureau said.
Yicheng Jiang, 53, a agent from China’s littoral Zhejiang province, said in a buzz account that during several visits to Vancouver, Oei collection him and added Chinese investors about in a BMW, hosted abundant commons and showed off photos of himself with Canadian politicians.
According to Jiang, aback Chinese investors accepted their money aback in the abatement of 2015, Oei beatific the investors photos of Oei “hugging Trudeau and all these celebratory photos.”
“It was like, ‘Look at my accord with the prime minister. We are like buddies,’” Jiang recalled.
Oei “took advantage of our assurance to bluff us,” said Jiang, who has additionally filed a accusation in British Columbia adjoin Oei. Jiang said he was auspiciously sued by the associates of his bunch to balance their losses, which has larboard him penniless.
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Oei and his wife accept been alive in B.C. political fundraising circles and accept donated $8,477 to the federal Liberals back 2014. In July, 2015 Oei’s aggregation Organic Eco-Centre Corp sponsored a pre-election bologna in Richmond featuring again Liberal Leader Justin Trudeau.
Liberal affair agent Braeden Caley would not say whether the affair will acknowledgment funds donated by Oei.
“Mr. Oei has donated to assorted bigoted and federal political parties (including the Conservative Party), and he has no position with the Liberal Affair of Canada,” Caley said Wednesday, in an email.
Clark and her B.C. Liberals accustomed $37,888 in political donations that came anon from broker funds for Cascade.
The B.C. Liberals promised to accord the money if the allegations adjoin Oei were proven.
A affair agent stated: “We will chase through on our commitment.”
— With files from The Vancouver Sun
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