Nine investors defrauded by a Richmond resident will get to divide up $69,887.85 as partial payment for their losses.
The ÎÚÑ»´«Ã½ 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 ÎÚÑ»´«Ã½ Supreme Court Justice found them liable last year for fraudulent representation against the prospective immigrant.
- With files from Graeme Wood
