The British Columbia Securities Commission (BCSC) alleged that Elixir Technology Inc. (formerly Elixir Income Inc.) and two individuals contravened the Securities Act through an alleged $16 million fraud affecting more than 100 victims, alongside alleged illegal distributions of securities. The case centres on fundraising from investors based on representations that Elixir was a profitable fintech business generating revenue from proprietary software leasing and securities trading. Between July 2020 and October 2022, Elixir raised approximately CAD 14.6 million and USD 1 million from 113 investors, claiming most securities would pay interest and monthly dividends of 6 to 11.5 per cent annually. The BCSC alleged Elixir lacked a viable software leasing business, was in severe financial distress that was not disclosed to investors, and could not fund investor distributions, citing catastrophic trading losses in early 2020, negative revenue of $5.5 million in the first half of 2020, liabilities to investors nearly double its assets, and subsequent deferrals of redemptions in November 2022 and distributions effective December 2022. Former director William Peter McNarland allegedly controlled Elixir and authorized, permitted or acquiesced in the fraud, while director Mang Hei Jaclyn Wu allegedly raised funds for Elixir through referrals for commissions despite knowing of its poor financial condition and failing to disclose it. Separately, the BCSC alleged Elixir distributed $2.6 million of securities to 13 investors who did not qualify for a prospectus exemption, and alleged Wu made false or misleading statements under oath in November 2024 about being a close personal friend of three investors to support reliance on a family, friends and business associates exemption. The allegations have not been proven. The respondents or their counsel must appear at the BCSC’s offices on December 16, 2025 if they wish to be heard before a hearing is scheduled.

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