Wynn Resorts sues fraudster over loan deal

Wynn Resorts sues fraudster over loan deal

Wynn Resorts sues fraudster over loan dealWynn Resorts is going after a Canadian businessman after he has failed to make good on a loan. The casino giant, through its Wynn Las Vegas subsidiary, had filed for relief in Nevada this past summer to force repayment of the loan, and has now taken a trip up north to try to get a court in Canada to agree to have the judgment applied there.

Paul Se Hui Oei is best identified as the man who bilked a number of Chinese citizens out of millions of dollars by convincing them to invest in two eco-friendly startups he was launching, Cascade Renewable Carbon Corp. and Cascade Renewable Organic Fertilizer Corp. However, he used the money to fund a lavish lifestyle, instead, reportedly renting luxury cars and squirreling the money away in his personal bank accounts and those associated with his immigration company, Canadian Manu.

He also used some of the money to impress politicians, as well as potential investors. He allegedly spent time hobnobbing with political figures and former British Columbia (B.C.) Premier Christy Clark. Her political party, the B.C. Liberals, also received about $28,800 in donations through Cascade and, once the scammer’s actions came to light, the party said it would give the money to Elections B.C., the government entity that oversees elections in the province.

The activity led securities regulators with the B.C. Securities Commission (BCSC), in 2018, to hit him with fines of over $4.2 million, as well as order him to pay back more than $2.8 million in fraudulent gains. He protested the actions and began fighting the penalties.

In what can only be described as a very puzzling move, Oei admits that he doesn’t have any money. He told a local media outlet, when contacted via email, that he used the Wynn loan to cover lawyer fees as he fought the BCSC allegations. That endeavor was ultimately a lost-cause, as no court would show sympathy.

There isn’t any information regarding why Wynn gave the loan in the first place. However, since Oei hasn’t made good on his debt, the casino company is looking to get the courts to help it recover the funds. It wants the B.C. Supreme Court to apply the Nevada-based judgment in B.C. and, then, help the company recover its losses, which add up to about $76,000 in principle and interest.