The executive director of the BC Securities and Exchange Commission warned ICBC last year that he should not issue or renew a driver’s license to Paul Oei, who in 2017 was found to have committed 63 fraudulent acts against investors by embezzling their money. Under the 2017 ruling, Oei and the companies it controlled tipped a total of just over $ 5 million in investor money away from the purposes for which they had told investors they would be used. It was ordered to pay about $ 3.1 million – representing the amount it had fraudulently acquired, less than about $ 2 million repaid to investors – plus a $ 4.5 million administrative penalty to BCSC. The commission said in a press release on Friday that Oei had not yet paid any part of the $ 7.6 million owed. Oei applied to the commission to reconsider the executive director’s decision to block the driver’s license. After a hearing, a BCSC committee announced Friday that it had decided to ratify the decision. The committee noted that this was the first time it had been asked to reconsider such a decision since changes to the provincial securities law that allowed BCSC to block license renewals last year. Seeking to overturn the executive director’s decision, Oei argued that he needed a driver’s license to be able to serve as an emergency driver for his elderly father. He also argued that losing his license would limit his ability to find a better job and therefore his ability to pay his fines. Oei told the panel he could not pay anything for the commission at the moment and submitted T4 slips showing an income of about $ 7,000 in 2020 and $ 12,400 last year. He also referred the commission to a Canadian Supreme Court ruling that overturned a similar law in Alberta and questioned whether the BCSC actually had the power to prohibit him from holding a driver’s license. On the issue of legality, the commission rejected Oei’s argument, noting that Alberta law contained a provision that would have retained the province’s right to withhold driving licenses even if debts had been repaid in federal bankruptcy. It was this provision, according to the commission, that led the federal court to overturn Alberta law. The PK law does not contain such a provision. As regards Oei’s other arguments, the committee agreed with the Executive Director that the inconvenience “is not (a) sufficient reason not to issue a notice to ICBC” preventing Oei from obtaining authorization. “Suffering is the expected result of legislation,” the commission wrote, summing up the executive director’s argument. “The purpose of these provisions is to provide the Executive Director with a mechanism to assist with financial recovery. It is in the public interest to implement these provisions.” The committee also noted that Oei did not have to pay the full amount owed to restore his driving privileges. The Securities Act allows the Executive Director to cancel an instruction to the ICBC in its judgment in concluding a payment agreement with a person owed money to the BCSC. “The applicant has not paid any part of the very significant amounts that are still pending nor has he made a proposal for a payment plan,” the commission wrote. We note that the applicant continues to show no remorse or responsibility for his role in the fraud and embezzlement in this matter and, in his own actions and words, makes it clear that he did not accept the initial findings and decision of the committee. “ Oei told the panel that he does not currently have a car. During his time as a fundraiser investor, Oey drove a Bentley, according to the commission’s original decision against him.
