The Member borrowed money from a private individual (the “lender”) to engage in a real estate transaction (the “property”). The Member misrepresented to the lender the extent of their indebtedness concerning the property, and failed to take steps to ensure that the loan was properly secured.
The Investigation Committee determined the Member contravened the CPABC Code of Professional Conduct as follows,
201.1 - Maintenance of the good reputation of the profession
205 - False or misleading documents and oral representations
The Committee took into account that the Member had repaid to the lender the amount borrowed. The Investigation Committee recommended that the Member:
- Accept a reprimand; and
- Pay partial costs of $2,000.