Vancouver Island man accused of defrauding $1M from investor during hotel sale
The British Columbia Securities Commission (BCSC) says a Sooke, B.C. man defrauded an investor of $1 million by misleading them about the ownership of the Sooke Harbour House hotel.
The BCSC alleges that Sooke resident Timothy Durkin raised the money while he was working as the director of SHH Holdings Limited between December 2015 and March 2016.
"Durkin told the investor that SHH owned the Sooke Harbour House hotel through a subsidiary, and that by buying 40 per cent of the shares of SHH, the investor would obtain a 40 per cent ownership interest in the hotel," said the BCSC in a release Monday.
However, SHH did not in fact have any ownership rights to the property, and the investor never recovered any of the $1 million they spent on shares, claims the British Columbia Securities Commission.
"The BCSC alleges that by deceiving the investor, Durkin and SHH committed fraud under the Securities Act," said the organization Monday.
The British Columbia Securities Commission is an independent provincial government agency that monitors B.C.'s capital markets.
The commission has scheduled a hearing on the matter for Nov. 10.
None of the BCSC's allegations have been tested in court.
The Sooke Harbour House has been at the centre of a legal dispute between the couple that originally purchased the property decades ago, and prospective buyers, including Durkin.
Civil court documents dating back to March 2020 show that a judge ruled that Durkin, alongside SHH Holdings Limited and other partners, owed the original owners of the hotel more than $760,000.
CTVNews.ca Top Stories
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Millions of cyberattacks per hour as B.C. government investigates multiple breaches
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
New 'Lord of the Rings' film coming in 2026
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.