Wynn Resorts is pursuing a Canadian businessman who has not been able to make good on a loan. The casino empire had sued for compensation in Nevada last summer through its Wynn Las Vegas branch to pressure the debt to be repaid, and has now taken a trip north to try to get a judge in Canada to consent to have the judgement extended there.
Paul Se Hui Oei is best recognised as the man who, by persuading them to invest in two eco-friendly start-ups, Cascade Renewable Carbon Corp. and Cascade Renewable Organic Fertilizer Corp., has bilked several Chinese citizens out of millions of dollars. Instead, he allegedly rented luxury cars and squirrelled the money away in his personal bank accounts and those associated with his immigration firm, Canadian Manu, he used the money to fund a lavish lifestyle.
He also used some of the capital as well as potential investors to persuade politicians He reportedly spent time hobnobbing with former British Columbia (B.C.) Premier Christy Clark and political figures. Their faction, the B.C. Liberals had collected around $28,800 in contributions through Cascade and the party said it would give the money to Elections B.C., the government entity administering elections in the province, once the activities of the scammer came to light.
The activity led the B.C. regulators of securities. In 2018, the Securities Commission (BCSC) charged him with fines in excess of $4.2 million and ordered him to pay back more than $2.8 million in illegal gains. He opposed the acts and started to fight back over the fines.
Oei admits that he has no money in what can only be characterised as a very puzzling move. Once approached by email, he told a local media outlet that he used the Wynn loan to pay fees for attorneys as he battled the allegations made by the BCSC. That effort was ultimately a lost cause, as there would be no sympathy shown by any court.
There is no detail about why Wynn first gave the loan. Because Oei hasn’t made good on its obligations, though, the casino business is looking to get the courts to help it recover the funds. It would like the B.C. Supreme Court to extend the decision to B.C. based on Nevada. And then help the company recover its losses, which in principle and interest amount to about $76,000.