Article content

A pair of financial institutions, named in a B.C. civil forfeiture suit that alleges a Richmond man laundered money in real estate, would not answer questions about how a man with a lengthy criminal record and no “legitimate” income could obtain mortgages and a home equity line of credit.

In a civil claim filed on Jan. 4, Stephen Hai Peng Chen, also known as Hoy Pang Chan, is accused of using money obtained from drug trafficking to pay for properties in Vancouver and Richmond.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Banks offer little on how B.C. man with criminal record could allegedly launder money in real estate Back to video

The B.C. civil forfeiture office lawsuit lists two transactions that involved TD bank mortgages and and a separate National Bank home equity line of credit, known as a HELOC, used to purchase a Vancouver property.

Chan has not responded to the lawsuit. The civil claim contains allegations not proven in court.

The TD bank said it could not, for privacy reasons, comment on any specific customer relationship or specific regulatory reports.