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News Release

BCSC alleges $47 million investment fraud by insurance group’s top officers (ENGLISH and CHINESE)

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Vancouver - The British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that three leaders of a once fast-growing insurance group committed fraud by getting hundreds of people to purchase unsecured loan agreements.

The BCSC alleges that Aik Guan "Frankie" Lim and Scott Thomas Low, the directors and founders of FS Financial Strategies Inc. and related companies in the FS insurance group, dishonestly raised over $47 million between 2012 and 2017 by failing to disclose to investors that the company wasn't profitable, its financial situation was deteriorating, and it survived by raising money from investors to cover its expenses.

The notice says that Darrell Wayne Wiebe, the company's general manager, was aware of the FS insurance group's true financial condition and contributed to the fraud by routinely advising Lim and Low how much the company needed to raise from investors to stay afloat.

The BCSC says investors were promised interest payments of 10 per cent to 12 per cent, payable monthly. Lim and Low "created an illusion of profitability" by opening new offices in rapid succession; donating money to charities; telling customers that they planned to take the insurance group public; and hosting parties for clients and staff at expensive hotels.

The notice of hearing names six additional people - Chun Ying "Jim" Pan, Chung-Sheng "Johnson" Kao, George Lay, Gagan Deep Bachra, Chi Kay "Dixon" Wong and Meng Cher "Philip" Tsai - who were appointed by Lim and Low as directors of related companies in the FS insurance group that also sold the unsecured loans. The related companies are alleged to have sold securities without a prospectus and without being registered to do so.

The BCSC alleges that Lim and Low, in addition to committing fraud, selling securities without a prospectus and selling securities without being registered, also violated the B.C. Securities Act by continuing to trade and sell securities after making a legal promise to the BCSC's executive director, in 2014, that they would stop.

A hearing on the matter will be held Dec. 4, 2018 at 9:00 a.m., which all of the individuals named in the notice, or their counsel, have been invited to attend.

The notice of hearing can be viewed on the BCSC's website,, by typing the names of any of the respondents or 2018 BCSECCOM 330 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' (CSA) Disciplined List for information relating to persons and companies disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

About the British Columbia Securities Commission (

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering: 

  • A securities market that is fair and warrants public confidence
  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

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Media Contact:
Brian Kladko

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)

Learn how to protect yourself and become a more informed investor at


NR 18-85                                                                         


温哥华 - BC省证监会(BCSC)发布了一份聆讯通知,指称一度快速发展的一家保险集团的三位领导人通过让数百人购买无担保贷款协议而施行诈骗。

BC省证监会称FS Financial Strategies Inc.及FS保险集团相关公司的创始董事Aik Guan Frankie Lim及Scott Thomas Low在2012年至2017年间以不诚实的手段筹集了$4700多万,期间未向投资者披露该公司没有盈利,其财务状况正在恶化,并通过从投资者那里筹集资金以支付其开支而维持运营。

该通知称,公司总经理Darrell Wayne Wiebe知晓FS保险集团的真实财务状况,并通过定期向Lim和Low通报公司维持运营需向投资者筹集的资金金额,参与诈骗。


聆讯通知还提名了另外6个人 -  Chun Ying "Jim" Pan、Chung-Sheng "Johnson" Kao、George Lay、Gagan Deep Bachra、Chi Kay "Dixon" Wong和Meng Cher "Philip" Tsai  - 他们由Lim任命为FS保险集团相关公司的总监,这些公司也出售无抵押贷款。这些相关公司被指在没有招股说明书的情况下出售证券,而且也未注册证券出售。



聆讯通知可在BC省证监会网站www.bcsc.bc.ca上查看 ,在搜索框中输入任何一个当事人的姓名或2018 BCSECCOM 330即可浏览。有关制裁诉讼的信息可在BC省证监会网站的执行部门找到。




  • 公平的、保证公众信心的证券市场
  • 提供投资机会和资金渠道、充满活力和竞争力的证券行业

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Brian Kladko