He Promised Riches and Entry to Canada. Now He’s the Subject of a Fraud Case in Vancouver.
Chen Wei said that Everything he said were lies,
Mr. Oei said that Of course, Oei was the only person who directed the lawyer where to disburse the funds from the trust account.
Mr. Oei raised about 13.3 million Canadian dollars ($10.5 million) from 64 investors,
but the commission says he kept 6.9 million Canadian dollars for himself.
But the commission says that from 2009 to 2013, Mr. Oei told investors
that the project was approved by the British Columbia government (it was not) and that their investments would give Chinese citizens the right to immigrate to Canada, as well as shower them with profits.
But behind closed doors, the authorities say, Mr. Oei, a prominent immigration consultant
and philanthropist, ran an elaborate fraud scheme, pocketing nearly $6 million from investors, including many Chinese citizens led to believe their investment would help them secure permanent residency in Canada.
When Cascade went bankrupt in 2013, Mr. Oei told many investors they could recoup their money if they topped up their investment, without alerting them
that he had never sent more that half the funds he had already raised from investors to the project, the commission said.