'Wolf of Burrard Street' property manager ordered to pay $121K in fines, costs
- This story was first published June 3, 2022.
A B.C. property manager who liked to be known as the "Wolf of Burrard Street" and portrayed a high flying image was fined $100,000 for working without a licence.
Colton Ward Roberts, who portrayed an image of a globe-trotting playboy, has been ordered to pay $100,000 plus fees of $21,000 to the B.C. Financial Services Authority.
According to a May 25, B.C. Financial Services Authority decision, Roberts, under his companies Renters Management and Bluhome Properties, provided rental management services from roughly 2016 to 2021.
For the majority of that time, he was unlicensed to do so.
According to the decision, Roberts received rental deposits from tenants, then cancelled the agreements and refused to offer a refund.
On one occasion he showed a client an apartment, took a $1,850 deposit and then "completely ignored" the client.
Another client reported Roberts to the regulator as he'd refused to return a $9,000 deposit.
The Vancouver Police Department received numerous complaints about him.
The decision says Roberts managed 27 properties between 2019 and 2021 and made almost $55,000 doing so. During this time he mixed funds from tenants and did not hold deposits in trust.
In January 2021 he was ordered to cease working but continued to rent out several properties.
Following the order, Roberts then lied to the regulator about the properties and altered several bank statements he submitted to them.
In July 2021 the Financial Services Authority froze his bank accounts.
Roberts applied to have the money released, arguing it was largely from the sale of his car and not profits from his unlicenced rental business.
The regulator dismissed his appeal.
According to a Globe and Mail article Roberts "cultivated an image of a globe-trotting playboy" and called himself the Wolf of Burrard Street on Instagram.
A previous decision says Roberts failed to pay a $7,300 fine he received from the Rental Tenancy Branch.
Roberts declined the opportunity of a hearing and signed a consent order admitting to the allegations.
The Financial Service Authority gave him 60 days to pay the $121,097.
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