BEFORE CHRIST. insurance group would have scammed investors $ 47 million

The British Columbia Securities Commission claims that three senior managers of a formerly growing insurance group have fraudulently collected more than $ 47 million from hundreds of investors.

The BCSC alleges that between 2012 and 2017, Aik Guan "Frankie" Lim and Scott Thomas Low, directors and founders of FS Financial Strategies Inc. and related companies of the FS Insurance Group, failed to disclose the deterioration of the financial situation of the company and used the investor money to cover his expenses.

Darrell Wayne Wiebe, chief executive officer of the company, was informed of the group's finances and told Lim and Low how much money an investor needed to stay afloat.

According to the commission, investors were promised to pay interest of 10 to 12%, payable monthly.

Lim and Low "has created an illusion of profitability" by paying investors monthly returns, opening new offices, donating to charities, hosting expensive receptions and informing customers that they were considering bringing the company into the stock market.

The BCSC also alleges that Lim and Low have violated British Columbia's principles. Securites Act by continuing to trade and sell securities after legally promising to stop in 2014.

Six other people named directors of related companies – Chun Ying "Jim" Pan, Chung-Sheng "Johnson" Kao, George Lay, Gagan Deep Bachra, Chi Kay "Dixon" Wong and Meng Cher "Philip" Tsai – are presumed to have ready no Guaranteed sold.

The nine people named in the notice are expected to appear before the commission at the December 4 hearing.