Charges of fraud are being levelled against a Vancouver man by the B.C. Securities Commission for millions in missing money.
The commission alleges Paul Se Hui Oei rounded up investors and promised their money would be used for start-up costs of a new company called “Cascade.”
Doug Muir is with the Securities Commission.
“It’s alleged there is $13 million, just over $13 million, raised and there are approximately 60 investors.”
It’s alleged that Oei forwarded less than $6 million towards to the company and used the rest on unrelated expenses including transfers to personal bank accounts and luxury car rentals.
“The next step will be a hearing on Nov. 1 and at that point the commissioner will set a date for the hearing of the allegations themselves.”
The notice further alleges Oei asked the investors to pay an additional 15 per cent top-up and would roll their money into shares.
This apparently raised an additional $200,000.