Developer says he was ‘victim’ of bankrupt firm

  • Feb. 22, 2011 10:00 a.m.

Nelson Landing developer David Sorensen says his company is a victim of bankrupt Dexior Financial Inc., which lost more than $20 million of its investors’ money.

According to a series by The Vancouver Sun, promoters Mo Jiwani and Gerard Darmon persuaded dozens of people to invest in the private B.C. company, then invested nearly $6 million in two of Sorensen’s development projects: King Edward Bay on Bowen Island and Atkins Common on Saltspring Island.

Money was also invested in a defunct Vancouver book publisher, a defunct catering business in Toronto and a nightclub in Vancouver’s Gastown. None of the investments brought any returns, The Sun reported.

Sorensen says he is aware of the reports and says his company was “victimized like everyone else,” but declined to comment on the matter further.

“It has nothing to do with Nelson Landing at all,” he added.

Sorensen is currently negotiating with the city to build a mixed commercial and 193-unit residential development Nelson’s waterfront.