- Insurance group leaders committed fraud in selling unsecured loan agreements.
- Aik Guan Lim and Scott Low are directors and owners of FS Financial Strategies
and related companies in FS insurance group, dishonestly raised over $47mn.
- Induced hundreds into buying the loans without disclosing firm’s unprofitability.
- Investors were promised interest payments from 10% to 12% payable monthly.
- Covered up expenses and deteriorating situation, by raising money of investors.
- Created "an illusion of profitability" by opening new offices in rapid succession.
- Donated money to charities; told customers they planned to take group public.
- Violation for selling securities without prospectus and without being registered.
- Darrell Wayne Wiebe, general manager, also knew of, and contributed to fraud.
- Wiebe told Lim and Low, how much the company needed to raise to stay afloat.
- Notice of hearing named six further people - Chun Ying Pan, Chung-Sheng Kao,
George Lay, Gagan Deep Bachra, Chi Kay "Dixon" Wong, and Meng Cher Tsai.
- All were appointed as directors of related companies in the FS insurance group.
- The related companies were alleged to have sold securities without registration.
- Hearing on Dec. 4, 2018 which all of those named have been invited to attend