A
Vancouver investment adviser, Neil Pope, has filed a lawsuit against Richmond accountant Peter Stojak and his brother, land developer Patrick Stojak, alleging they diverted millions from a US real estate investment into overseas deals without consent.

    According to the BC Supreme Court lawsuit, CA$8 million of Pope's funds were supposed to be invested in Arizona properties but instead went towards ventures abroad. The trouble began in 2010 when Peter approached Pope with an investment opportunity, touting Patrick as a successful businessman with extensive experience managing real estate deals.

    However, the lawsuit claims that Peter failed to disclose that Patrick had been banned by the BC Securities Commission in 2004 for selling securities without a prospectus and making misleading promises of high returns. Despite this, Peter convinced Pope to invest, assuring him that his money would be used to buy, renovate, and resell properties in Arizona.

    Initially, the brothers provided accounting records showing how proceeds from property sales were reinvested, but by late 2023, Pope grew suspicious that his funds were being misused. He repeatedly asked for a detailed accounting of expenses and transactions but received incomplete and false information.

    Peter eventually admitted that US$5.8 million of Pope's investment had been sent overseas since 2018 for unspecified purposes. The brothers provided conflicting explanations, suggesting the money was loaned to other businesses or seized by foreign governments, which Pope deemed "blatantly false."

    The lawsuit alleges that the Stojaks acted in bad faith, breached their fiduciary duties, and mismanaged the investment, resulting in significant financial losses for Pope. He is seeking damages and the return of his funds, claiming the brothers used the investment as a "sham" for their own benefit. The case continues to unfold in BC Supreme Court.