CSA BC $47mn Insurance Fraud

On Nov. 6, CSA BC alleged $47mn fraud by insurance officers.

  • 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.

Alleged Violations

  • 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