Golden Oaks founder J.C. Lacasse spent $372,000 on poker chips, receiver says
An Ottawa investment and realestate promoter who is alleged to have bilked investors and others out of more than $28 million spent at least $372,000 on poker chips at the Casino du Lac-Leamy over a three-year period, according to the bankruptcy receiver who is examining the finances of J.C. Lacasse’s troubled Golden Oaks Enterprises.
The receiver also alleges that Lacasse doesn’t appear to have been acting alone, as six other people — including a real-estate agent, mortgage broker and lawyer — appeared to participate in Golden Oaks Enterprises and should be held liable for their actions, according to receiver Brian Doyle’s report to the court, filed Tuesday.
The report also identifies 20 unlicensed people who were selling investments and offering interest rates that were 60 per cent or higher.
The RCMP and Ontario Securities Commission are investigating Lacasse and his business dealings.
Lacasse was the owner of Golden Oaks Enterprises and its subsidiary, Rent 2 Own Canada, which offered individuals a deal whereby they could make an initial down payment of $5,000 to $40,000 on a property. This payment, along with a portion of their monthly rent, was supposed to go toward purchasing the property in three to four years.
Separately, Golden Oaks Enterprises also sold investments that offered the high interest rates.
Early last year, numerous lawsuits seeking millions of dollars in damages were filed against Lacasse by both investors in his developments and clients of his rent-toown business. It’s alleged that Lacasse owes about 100 investors, mortgage holders, contractors and others more than $28 million following the collapse of his two businesses.
According to the receiver’s report, Loto- Québec reports that the Casino Privelèges membership card belonging to Lacasse was used 133 times between Aug. 6, 2011, and April 11, 2013. Lacasse visited the casino 85 times in 2012 and bought $276, 511 in chips in that year alone. Doyle’s report also alleges that Lacasse bought about $11,000 in chips in 2011, and more than $84,000 in 2013.
The case is expected to return to court in September.