Feb 16 1996 - Guelph Mercury - Hilary Stead
Patrick Hickey is 67 years old and was supposed to be retired by now but he can't afford to stop working. Four years ago he and his wife were evicted from their home by a sheriff. His wages were garnisheed and he was forced into personal bankruptcy.
Hickey lost everything when he agreed to loan $145,000 to Joan Blackwell as an investment in an executive retreat near Acton. Blackwell's partner was Michael Jenkinson, a 14-year veteran of the Metropolitan Toronto Police Force who left the force in 1987 to pursue a career in property development.
"I think the only reason we agreed to any of this investing was because Michael Jenkinson was a former police officer" Hickey wrote in a victim impact statement for Friday's sentencing of Jenkinson and Blackwell on 13 counts of fraud. "And if you can't trust a police officer, who can you trust?"
Although Hickey lost a large sum of money, it is the psychological loss that affects him the most. "If I was able to tell you the one thing that stands out the most, it's the loss of our home of 20 years." Hickey wrote "Mostly because it was a meeting place for our six children, and 10 grandchildren, and all of their families. We had a 30 inch wall around the front of the house, just like the house I grew up in, over in Ireland, and we would just sit and talk for many, many hours. We solved all the world's problems on that wall."
Hickey's daughter Patrice and her husband Andy of Alliston were duped out of $200,000. Each held down two jobs for years to save for the down payment on their home. When a good chunk of the mortgage was paid off they were ready for a family.
Carmen and Eric Barnes of Oakville were told their $50,000 investment would double in a year. Brian and Sandra Bradshaw thought their $50,000 had bought an interest in building but it was immediately transferred into Jenkinson and Blackwell's personal accounts. The couples were talked into investing at a meeting at a restaurant Smith said was "aptly named" Sharkeys.
Smith called Sylvia and Jim Laufman "trusting, unsophisticated novice lenders" with no investment experience who believed they were dealing with honest people. Blackwell convinced them they would "awaken their equity" by mortgaging their home and investing more than $100,000. Money that was supposed to be in a safe investment was actually pledged to Jenkinson and Blackwell's overdrafts just days after it was handed over to them by the Laufmans.
The people who lost the most were Sam and Susan Dixon. When their property on Wellington County Road between Hwy 6 and Guelph Line was appraised at $1.2 million they owed just $125,000. They had horses worth $100,000 and more than $150,000 in farm equipment. Susan had spent 10 years establishing a kennel of golden retrievers and over 30 years Sam's horse training business had grown to the point that it grossed $250,00 to $300,000 a year.
They lost it all, including their reputations.
The second mortgage on their property was held by Jenkinson and Blackwell's other victims, resulting in numerous legal actions being taken against the Dixons. While they have come to some agreements with some of their creditors, their debts will always hang over their heads and neither will ever be able to own a home again.