The founder of a B.C. mortgage investment company claims he was ambushed and illegally ousted as CEO in a move that left him personally liable for over $35 million in third-party debt.

Richmond-based Amber Financial Services Corporation already faces several lawsuits recently filed by investors who claim the company failed to pay back millions of dollars after its subsidiary backed a second mortgage on a troubled $50-million real estate development.

None of the claims have been tested in court.

In comments to Business in Vancouver last month, Amber Financial vice-president Cindy Liu blamed the wave of legal action on the company’s founder and former CEO and director, Yi Song, “because the loans were made during his tenure.”

In an April 23 disclosure to investors, the company also blamed Song for signing a “termination of management agreement” that severed Amber Financial’s management role over its subsidiary, Amber Mortgage Investment Corporation (AMIC).

Written in Mandarin, the statement claims Song signed the agreement in January without fully disclosing it to investors.

The statement also raised doubts over whether the company had adhered to asset transparency requirements. It came a month after Amber Financial and two associated corporations faced regulatory scrutiny over allegations they breached the Mortgage Brokers Act.

According to a March 13 notice from the BC Financial Services Authority, the Registrar of Mortgage Brokers is planning to schedule a hearing to investigate whether Amber carried out business as a mortgage broker without a licence.

Voting bloc allegedly targeted CEO in boardroom ‘ambush’

Song’s latest petition against Amber Financial—filed June 1 in B.C. Supreme Court—tells a very different story beginning with several individuals who allegedly orchestrated a secret “ambush” at the company’s Feb. 27, 2026, annual general meeting.

The suit names the company, current CEO Huguang Su, and newly elected directors Yu Wang, Libin Shao and Yu Li. It also names Xintong (Cindy) Liu, who Song alleges was the behind-the-scenes architect of the voting bloc.

Under Liu’s direction, Song claims the signatories were told the agreement was meant to expand the board, but it was covertly used to remove Song from management.

In the past, the company’s AGMs were informal, conducted in Mandarin, and automatically renewed existing directors, the petition said. But at the meeting in February, Song was surprised by the presence of five lawyers and an interpreter.

One of the lawyers, Hein Poulus, allegedly had himself voted chair of the meeting—bypassing company articles that required a two-thirds supermajority—and enacted the pre-planned agenda.

Song claims the newly formed board immediately signed consent resolutions on March 3, 2026, suspending him as CEO.

“Ms. Liu, despite not being a director, is now controlling [Amber Financial] from behind the scenes, including by sending emails purporting to be on behalf of the current board of directors,” the petition states.

In an email to Business in Vancouver, Liu pushed back against Song’s claims, stating “he is not telling [the] truth.”

Liu added that Amber Financial’s lawyers would respond to the claims, though they had not done so by publication time.

Company that once managed $200 million in assets faces several lawsuits

Song—who also goes by the first name Elvis— said he founded Amber Financial in 2015, naming the company after his daughter and acting as the “sole driving force” recruiting multiple rounds of investors, starting with the alumni network of the Shanghai-based China Europe International Business School.

Under his leadership, Song claims the company grew to manage more than $200 million in assets. Amber Financial managed the investments through four business operations: Amber Commercial Loan Fund, Amber Residential Fund, Amber Real Estate Division and Amber Mortgage Investment Corporation (AMIC), the petition said.

The four corporate entities pool investor money to provide alternative real estate financing. In some cases, that included first and second mortgages on everything from detached houses to multi-family housing and commercial properties, according to the group’s website.

Advertising itself as a safe bet, Amber Financial claims to use a diversification strategy that “not only helps spread risk but also maximizes return on investment.” The company said it holds most of its collateral in Vancouver and Toronto, and in 2025, was ranked among B.C.’s top investment firms.

But in a string of recent lawsuits, several investors say the company has failed to return their money. One alleges that failure comes off the back of the company investing a huge portion of its assets into a proposed residential tower in central Surrey that would have been among the tallest towers of its kind in the province. The legal action, which Amber Financial blames on Song, has yet to be heard by a judge.

Founder claims ‘abusive conduct’ left him powerless, liable for $35M

According to Song’s petition, he unwillingly remains the personal guarantor for $35 million in loans Amber Financial extended to private third-party lenders. The petition said Song signed the loans under the assumption that he would retain management control.

Stripped of his titles, Song alleges the defendants violated his reasonable expectations as the company’s founder and manager.

Today, the former CEO remains the company’s largest shareholder, holding 36 per cent of the company’s shares. But according to the petition, Amber Financial’s corporate governance rules prevent him from selling his stake without consent from its directors.

As a result, Song said he faces a double bind: he can’t manage the company and “he cannot exit it without the consent of his adversaries.”

The board’s actions represent a “clear instance of coercive and abusive conduct in bad faith and constitutes oppression,” claims the petition.

Song is seeking restitution for lost salary, benefits and legal costs, as well as indemnification regarding his $35 million in personal loan guarantees.

The petition asks the court for a declaration that sets aside the AGM decision to elect a new board and its later resolution to suspend Song as CEO. It also seeks a court order forcing Amber Financial to hold a new AGM overseen by an independent, neutral chair.

Song is further requesting an order forcing the respondents to provide audited financial statements, the latest appraisal of share valuation, and a restraining order that would prevent the board from diluting his shares.