The Oklahoma probe also found that Mr. Wey allegedly failed to disclose to his customers consulting agreements with two of the companies, including one in which Mr. Wey would serve as the "U.S. representative" of a Chinese company owned by his sister.

WSJ: FBI Search Offices of 'Reverse Merger' Player

Mr. Wey, who at one point spelled his last name as Wei, has previously run afoul of U.S. securities regulators.

WSJ: FBI Search Offices of 'Reverse Merger' Player

"It's tremendous news for us because it means this is one step further on restoring the canal to link up with the national network and the River Wey navigation in Guildford, Surrey, " she said.

BBC: Wey and Arun Canal restoration: Boats back in Surrey