David Douglas may have real estate broker's licence cancelled
Manitoba Securities Commission to hold hearing in April into allegations against him
The Manitoba Securities Commission will decide whether to cancel the real estate broker's licence of David Douglas, a Winnipeg entrepreneur facing numerous complaints from clients.
The securities commission, which regulates real estate brokers in Manitoba, announced on Tuesday that it will examine allegations that Douglas violated the Real Estate Brokers Act and Mortgage Brokers Act in connection with real estate transactions involving three properties in Winnipeg.
Commission staff are "seeking cancellation of Douglas’s registration under REBA and further sanctions under MBA," according to a news release.
"Staff are also seeking to cancel the registration of Douglas’s company, Homelife Village Realty, and of Geraldine Douglas, the company’s authorized official, who is alleged to have failed to supervise the business transactions and conduct," the release added.
The allegations have not been proven at this time. A hearing will begin on April 23.
Douglas's real estate broker's licence was suspended last week after he failed to meet reporting requirements that were imposed while an investigation into his conduct is underway.
Douglas has operated a construction company and acted as real-estate broker, a mortgage broker and a lender, and he has held seminars about flipping houses for profit.
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Last year, the CBC News I-Team spoke with several people who said they lost money to Douglas, including former employees and individuals who had taken the seminars.