OSC v. Jiubin Feng and CIM International Group Inc. (2021)

Judgment entered

Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In 2021 Ontario Securities Commission staff alleged that CIM International Group and its chief executive Jiubin Feng diverted at least $3.39 million of a $10 million debenture offering to other Feng real estate projects. The tribunal's November 2023 order imposed permanent market bans, a $500,000 penalty on each respondent, $7.63 million of joint disgorgement and $206,769.34 in costs.

The record

Structured fields for this action, as recorded in our case library.
Agency	OSC
Release number	2021-27
Date filed	2021-07-21
Date resolved	2023-11-14
Court	Capital Markets Tribunal (Ontario)
Status	judgment
Criminal parallel	No
Bars imposed	trading ban
Defendants	Jiubin Feng (individual) ; CIM International Group Inc. (entity)
Cited as charged or alleged	Ontario Securities Act s.126.1 (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: —
Disgorgement: —
Prejudgment interest: —
Total relief: —
Alleged gain: —
Penalty as published: C$500k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in CAD. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

CIM raised $10 million in 2017-2018 from 36 investors in Ontario, Hong Kong and the United Kingdom by selling three-year debentures, telling them the proceeds would be lent to a Richmond Hill townhouse development. Staff alleged that Feng diverted at least $3.39 million to other Feng projects and to CIM's own expenses.

The tribunal's merits and sanctions decisions ran from 2022 to November 14, 2023. The final order bans Feng and CIM from trading and from acting as registrants or promoters permanently, bars Feng from being a director or officer, imposes a $500,000 administrative penalty on each of Feng and CIM, orders them jointly to disgorge $7,630,000 and to pay $206,769.34 in costs. The record showed a $750,000 penalty, which matches neither respondent.

No technique tag is applied. The single reference to a Ponzi scheme is inside a comparison case the respondents' counsel and staff cited on penalty amounts; the diversion of offering proceeds is not described as a Ponzi scheme.

Timeline

Primary documents

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The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.