Friday, December 15, 2017

High-profile Liberal donor found to have swindled millions in immigration scheme

Justin Trudeau greets Paul Oei at a luncheon in Richmond, B.C.
VANCOUVER — In the tightly-knit world of Vancouver’s wealthy Chinese immigrants, Paul Se Hui Oei stood out for his ties to some of Canada’s most powerful politicians and his mastery of cultivating guanxi, or personal relationships, that attracted legions of Chinese clients eager for his assistance in gaining a legal foothold in Canada.

But behind closed doors, the authorities say, Oei, a prominent immigration consultant and philanthropist, ran an elaborate fraud scheme, pocketing millions from investors, including many Chinese citizens led to believe their investment would help them secure permanent residency in Canada. Instead, the authorities say, he spent the money on luxury cars, beauty pageants and donations to political parties.

“Everything he said were lies,” said Chen Wei, a Chinese immigrant who testified earlier this year in a case against Oei before a British Columbia Securities Commission panel. Chen’s family invested $1 million in Oei’s project, according to hearing transcripts.

On Wednesday, the British Columbia Securities Commission ruled Oei, who denied the allegations, had swindled nearly $4 million from investors.

Oei and his companies “misappropriated these funds and used them for their own purposes and not as the investors were told they would be used,” the panel stated. Oei declined to comment.

British Columbia is trying to shed its reputation as a hotbed of financial crime and to curb international money laundering at its casinos, a practice the provincial attorney general said was known as the “Vancouver model.”  (more...)


No comments:

Post a Comment