News Release

Vancouver – Investors defrauded by two sisters, Siu Mui "Debbie" Wong and Siu Kon "Bonnie" Soo, will get $2.1 million returned to them as a result of the B.C. Securities Commission (BCSC).

On June 26, the B.C. Supreme Court approved an application by the court-appointed receiver, MNP Ltd, to distribute money to 92 investors who submitted a claim. Since the funds recovered are insufficient to pay the investors’ claims in full, each investor will receive a pro-rated share.

“The receiver went to great lengths to gather assets for the benefit of  victims of this devastating fraud,” said Doug Muir, the BCSC’s Director of Enforcement. “This case highlights the importance of using our powers under the Securities Act to enforce our financial orders and get money back to victims of investment fraud.”

The BCSC, during its investigation of the scheme, had issued a freeze order over assets of Wong, Soo and their associated companies, including properties they owned in British Columbia.

In June 2016, a BCSC panel found that Wong and Soo committed fraud by:

• Misappropriating $1.2 million of investors' subscription proceeds
• Transferring joint venture units without consideration to the benefit of their husbands and adult children
• Inflating the purchase price of a property and lying about it to investors
• Using mortgage proceeds for purposes other than developing the property, and
• Withholding information about potential delays in developing the property from one investor

The panel also found that Wong, Soo and their companies, including Wheatland Industrial Park, illegally distributed securities by selling shares without a prospectus – a formal document providing important information a person should know before making an investment – and without a prospectus exemption.

Describing the impact of Wong and Soo's misconduct, the panel wrote, "Investors testified as to their mental anguish and increased financial burdens.”

The panel imposed $22 million in financial sanctions and permanently banned Wong and Soo from various market activities.

On October 3, 2019, the BCSC applied to the BC Supreme Court to have MNP appointed as a receiver to investigate assets and efficiently distribute funds to investors. MNP obtained funds from accounts and took control of the properties frozen by the BCSC . MNP sold the properties and the proceeds constitute the bulk of the $2 million that it will distribute to investors. MNP will be discharged from its duties once it pays investors. Details of the receivership are available on MNP’s website.

About the B.C. Securities Commission (bcsc.bc.ca)

The B.C. Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.’s investment market, we’re committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.  

Media Contact:
Elise Palmer
604-899-6830

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

Learn how to protect yourself and become a more informed investor at www.investright.org