Article content

The B.C. Securities Commission has levied millions of dollars in penalties against a high-profile businessman who touted his political connections to investors before regulators ruled he was the mastermind of a large-scale fraud.

Paul Se Hui Oei used his various companies to divert 63 investments totalling more than $5 million, a securities commission panel found in December. And in a sanctions decision handed down on Wednesday, the commission ordered Oei and his Richmond-based company, Canadian Manu Immigration and Financial Services, to pay penalties totalling $5.5 million and to repay $3.1 million to investors. Oei was permanently banned from acting in various capacities in the securities markets.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or High-profile B.C. businessman ordered to pay millions in fraud penalties Back to video

“Oei was clearly the mastermind of the fraud perpetrated on the investors,” the panel wrote.

Postmedia has reported extensively on Oei’s case, including how he gained the confidence of Chinese investors by promoting his connections to top Canadian politicians such as former B.C. premier Christy Clark and Prime Minister Justin Trudeau. Last year, the securities commission heard Oei had investors transfer money into a legal trust at Peschisolido & Company, a Richmond law firm that was then directed by lawyer Joe Peschisolido, now the Liberal MP for Steveston-Richmond East. Peschisolido was not available for comment on Wednesday, but in legal filings, he and his firm have denied wrongdoing.