The Manitoba Securities Commission has suspended the real-estate broker's licence of a Winnipeg entrepreneur at the centre of an investigation and numerous complaints from clients.
David Douglas's registration under Manitoba's Real Estate Brokers Act was suspended after he failed to meet reporting requirements, the commission confirmed to CBC News on Friday.
The reporting requirements were part of the restrictions the commission placed on Douglas while an investigation into his conduct is underway, according to a spokesperson.
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.
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.
- Winnipeg real estate broker faces securities probe
- Real estate broker's ex-employees speak out
- Manitoba contractor says he lost his home to former boss
- Winnipeg man sues real estate broker over loan agreements
Among those who came forward was Bankim Patel, who said he lent Douglas large sums of money and ultimately lost everything, including his home.
“We all trusted him … because he was successful,” Patel said in an interview.
“Now he's not paying us back. Basically all of our livelihood is gone."
There are several ongoing court cases against Douglas, who could not be reached for comment on Friday.