A man has defrauded an investor of $1 million by lying about the ownership of Sooke Harbour House hotel, said the B.C. Securities Commission
A three-person panel concluded Timothy Craig Durkin had bilked an overseas investor who agreed to invest $2 million in Durkin’s company SHH Holdings Ltd. believing she was buying an ownership share in the historic landmark property.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
In one email to the investor’s realtor, Durkin stated that SHH Holdings owns “100 per cent of the outstanding and issued share capital of Sooke Harbour House Inc., the operating company.” Durkin argued that many of the steps he took were designed to help the investor meet the requirements of the immigrant investor program. He said he had emailed an unsigned memorandum of agreement to the investor’s adviser on two occasions that made it clear he did not yet own the hotel shares.The investor, however, said she was told verbally by Durkin that SHH Holdings owned the hotel and that she had not seen the memorandum of understandingf or any documents that indicated otherwise.
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