Vancouver mansion linked to Bridging Finance self-dealing scandal flips for massive loss

A Vancouver mansion linked to the troubled Toronto-based private lender Bridging Finance Inc has been flipped for $800,000 less than what the seller paid for it six months ago.

Property records show that the numbered company 1283942 B.C. LTD bought 1716 Drummond Drive in Vancouver’s tony Point Grey neighbourhood for $12.3 million in December 20201.

The numbered company then put the property back on the market in May, 2021 and it has been reported sold for $11.5 million yesterday.

BC’s Land Owner Transparency Registry shows Sean Frederick McCoshen of Edmonton as an interest holder of the property.

An individual by the name of Sean Frederick McCoshen of Edmonton, Alberta is also the owner of Alberta Railway Development Corp. (AARDC), a company embroiled in Bridging Finance’s self-dealing scandal.

The court-appointed receiver in control of Bridging Finance had alleged in court filings that certain transactions between various lender’s funds and AARDC raise “issues of concern,” including “transactions that appear to be outside the normal course of business of Bridging.”2

PricewaterhouseCoopers Inc. (PwC) said in a letter to Bridging Finance investors that the receiver had demanded repayment of those funds from AARDC.

PwC also alleged that Bridging Finance Inc intentionally deleted thousands of emails that contained the terms “McCoshen” and the names of McCoshen’s numbered companies.

The Ontario Superior Court of Justice placed Bridging Finance into receivership in April after an application by the Ontario Securities Commission(OSC) alleging that Bridging Finance’s CEO David Sharpe had received undisclosed payments into his personal checking account from a company controlled by McCoshen.

“The Alaska to Alberta Railway Development Corporation was disappointed to learn of the allegations against Bridging Finance and its principals,” AARDC, which also goes by the name A2A Rail, said in a statement. “The Corporation is a client of Bridging Finance, as are many others. A2A Rail learned of these allegations through media reports and will be cooperating fully with relevant authorities in their investigation of Bridging Finance.”

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