Liberal MP Joe Peschisolido is currently involved in an international money laundering investigation while he is seeking re-election for the riding of Steveston — Richmond East.
Earlier this month, Global News reported that Peschisolido made an application in a B.C. court for the judge to dismiss claims against his involvement in a $15-million immigration investment deal.
According to the case, Peschisolido’s firm received funds from seven Chinese investors by way of an “underground” bank in China.
Current laws prevent Chinese citizens from sending more than $50,000 USD internationally each year, which makes room for illegal underground banks to facilitate transfers.
Both Peschisolido and another employee of his firm, Yvonne Hsu allegedly oversaw the transfer of these funds from the firm to Paul Oei, who is coincidentally also a Liberal fundraiser and involved in the immigration business. The Liberal MP denies these charges.
“Hsu allowed her trust account to be used to receive and disburse investor funds without making any or reasonable inquiries, including about the companies in which investors were purportedly receiving shares,” said the B.C. Law Society who stripped Hsu of her license on July 30, 2019.
Oei was earlier found to have defrauded several investors in 2018 by the B.C. Securities Commission and was fined a whopping $8 million.
The plaintiff in the court case alleges that Peschisolido was in the know with regard to the illegal activity and had a hand in the laundering.
While denying the charges, Peschisolido is also arguing that the allegations are damaging his chances for re-election in the upcoming election. Peschisolido is currently a sitting MP for Steveston-Richmond East.
“This is a close to USD $4 million fraud case against a group of alleged fraudsters and their former lawyers,” argues plaintiff Yicheng Jiang, who was allegedly “induced” into the deal.
