INSIDE: More density coming to Chilliwack Pg. 7 T U E S D A Y
June 4 2013
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E N T E R T A I N M E N T chilliwacktimes.com
Ex-SD33 treasurer criticizes trustees Don Murray calls board ‘dysfunctional’
BY CORNELIA NAYLOR cnaylor@chilliwacktimes.com
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From www.skibigfoot.com
The British Columbia Securities Commission alleges Ron McHaffie used dreams of a ski resort near Jones Lake to defraud dozens of investors.
Bigfoot investors bilked BY TYLER OLSEN tolsen@chilliwacktimes.com
A
n ambitious plan to develop a Chilliwack-area ski resort was used by the project’s director to bilk investors out of hundreds of thousands of dollars, the B.C. Securities Commission (BCSC) alleges. The commission says Ronald Stephen McHaffie “committed fraud and illegally distributed securities” between August 2007 and January 2012. McHaffie raised about $642,960 from 30 investors by selling shares in BigFoot, which was incorporated in 2003. A website trumpets a plan to build a $300 million ski
Securities commission alleges fraud against developer looking to build ski resort near Chilliwack resort and village at Jones Lake, a dammed reservoir behind Mount Cheam. But the commission says BigFoot never filed a prospectus in B.C., McHaffie was not registered to sell securities, and the money he raised didn’t go towards the company. “McHaffie made false statements to entice investors, such as telling them that their investment would be used for expenses related to getting BigFoot publicly listed, and
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that construction or completion of the ski resort was imminent,” the BCSC said in a press release. Instead, the commission says McHaffie used the money for personal items, including gas, meals at restaurants, groceries and retail purchases. BigFoot’s proposal was rejected in September 2010, but the BCSC said McHaffie raised an additional $111,070 after that date. The BCSC says it was illegal for
McHaffie to sell shares to 27 of the 30 investors, who invested a combined $621,960. The allegations have not been proven, the BCSC notes. A hearing will be set for June 25 at 9 a.m. T h e r e s o r t ’s website is still operational, although it has not been updatrecently. EB IRST edPosts include First reported on 2003 letters of chilliwacktimes.com encouragement from then-MLA Barry Penner and then-MP Chuck Strahl. The District of Hope and the Hope and District Chamber of See BIGFOOT, Page 7
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etired School District No. 33 secretary-treasurer Don Murray had harsh words for the Chilliwack school board last week, taking trustees to task for deficit spending and the frequent turnover of secretary-treasurers in the district. After watching trustees clash over a point of order during a public meeting Tuesday, Murray laid the blame for that turnover with the board. “A dysfunctional board will get fewer good candidates for job openings than a board that works well together,” he told trustees during the public participation segment of the meeting. “I’m embarrassed at your performance tonight; apparently this is not unusual.” Murray, who was district secretary-treasurer for nine years before retiring in 2003, also blasted the board for not having a job description for its secretary-treasurer and for not requiring its CFO to have an accounting designation. “They’re the chief financial officer,” Murray told the Times after the meeting. “You want the chief financial officer to know some accounting practices and principles and how to balance a budget. That’s their job. They’re the head of the finance department and
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