The B.C. Financial Services Authority determined that consumer harm was a driving factor in imposing significant penalties on Halcyon Point Development and its director.
Purchasers' plans were severely disrupted due to Halcyon and Tortorelli's failure to provide a proper disclosure statement, which is a requirement in property transactions.
Halcyon and Tortorelli's mismanagement included placing buyers' deposit funds into personal business accounts, a flagrant violation of consumer trust and regulations.
In 2016, buyers of a 1.3-acre property in the Arrow Lakes area faced severe misunderstandings due to the developers' failure to clarify land use restrictions.
#real-estate #consumer-protection #regulatory-action #financial-services-authority #property-development
Collection
[
|
...
]