BCSC Alleges CA$16 Million Fraud by Elixir Technology, Directors Named in Misconduct Notice

Canada's BC Securities Commission (BCSC) has accused financial technology firm Elixir Technology Inc., formerly known as Elixir Income Inc., of orchestrating an alleged CA$16 million fraud involving more than 100 investors. The company, which marketed itself as a profitable developer of proprietary trading software, is alleged to have concealed severe financial distress from investors, particularly throughout 2020.

The BCSC claims that between July 2020 and October 2022, Elixir raised approximately CA$14.6 million and US$1 million from 113 investors. The securities were typically sold promising high annual yields, ranging between 6% and 11.5% in monthly distributions. Regulators allege these offers were made despite the company lacking a genuinely viable software leasing business and facing mounting losses, including suffering "catastrophic" trading losses in the first quarter of 2020, which contributed to a negative revenue of $5.5 million in the first half of that year. By late 2022, Elixir had deferred all redemptions and distributions, indicating that it lacked sufficient income to fund the promised payments and at one point owed investors nearly twice its asset value.

The BCSC's notice names founding director William Peter McNarland and current director Mang Hei Jaclyn Wu as key figures in the alleged misconduct. McNarland is accused of controlling the firm and authorizing or acquiescing in the fraudulent conduct. Wu, who actively promoted Elixir's securities, is alleged to have raised money while being aware of the company's poor financial condition and failing to disclose those risks to investors.

Beyond the fraud allegations, the regulator also alleges illegal distribution, claiming that CA$2.6 million in securities purchased by 13 investors did not qualify for any available prospectus exemption. The respondents are scheduled to appear before the Commission on December 16, 2025.