A Sooke man defrauded an investor of $1 million by lying about the ownership of a local hotel, the B.C. Securities Commission finds.
A Vancouver Island man duped an investor out of $1 million by falsely claiming ownership of the Sooke Harbour House hotel, according to a B.C. Securities Commission panel.released Tuesday states that Sooke’s Timothy Craig Durkin, a director of SHH Holdings Limited, got a six-figure investment after stating SHH owned all shares of the Sooke Harbour House hotel through a subsidiary when, in reality, it did not own any shares.
Durkin told the victim that by buying 40 per cent of SHH’s shares in the corporation that owned the hotel, they’d obtain 40 per cent ownership — prompting the investor’s company, based on false information, to sign an agreement and advance $1 million, the BCSC says. In an exchange of emails in fall 2015 between Durkin, on behalf of SHH, and the investor’s lawyer, on behalf of the investor, the lawyer asks: “Is Holdco already the sole shareholder of Opco, or will it be acquiring all of Opco’s shares concurrently with GB’s purchase of Holdco’s shares?”The panel found Durkin then raised the funds between Dec. 2015 and March 2016, including $250,000 by bank draft on Dec. 12, 2015, followed by $250,000 by cheque on Dec.
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