The BC Civil Forfeiture Office has filed a lawsuit seeking to seize a Salt Spring Island property allegedly linked to a large international stock fraud. The lawsuit filed December 11th, 2019 in BC Supreme Court alleges the property located at 391 Baker Road on Salt Spring Island is the proceeds of crime and was used to launder money.
Now, the BC Civil Forfeiture Office has asked the court to grant judgment against Vincent Manalastas on his rights related to a $2,500,000 Baker Road home. In its court action, the civil forfeiture office alleges the property is the proceeds of crime and was used to launder money. The listed owner of the property is Beresford Estates Inc., of which Manalastas is the sole director.
Manalastas was served the notice of the civil claim but neither the lawyer representing the claim or the office of civil forfeiture has received the requested documentation or a response from Manalastas. Given the schedule to respond to the action has elapsed, the Province assumes the defendant by default admits to the facts the property is the proceeds of the money laundering crimes as put forward by the court. Court documents also list Geordie (Skye) Lee and Alicia Lee of Salt Spring Island as defendants in the case. They denied all claims in previous responses to the court.
BC Civil Forfeiture Office says the money to pay for the house which was at the time estimated to worth $1,155,00 in 2014 came from a $164,000,000 (USD) pump-and-dump stock fraud that used shell companies to hide the true and beneficial owners of shares. The international stock fraud allegedly linked to the Salt Spring house was uncovered by a U.S. Securities and Exchange investigation in 2018.
Read the full notice of action from the BC Civil Forfeiture Office: