Deaconwood Property Management Inc
Timothy Toole was president and owner of Deaconwood Property Management
Inc, a small company that provided management services for condominiums
in the GTA area.
Deaconwood was affiliated with ACMO, an association that recommends
their member companies to condo corporations and touts its Codes of
Ethics that its members agree to follow. Included in the list of
recommended property management companies was:
Deaconwood Property Management Inc
3875 Chesswood Drive
North York Ontario M3J 2R8
Contact: Tim D. Toole
Here is Tim in a very short video.
Timothy Toole embezzled nearly $1 million from two North York condos:
20 Olive Ave. and 22 Olive Ave., said Toronto Police Detective
Constable Christopher Briggs.
The fraud came to light when the board at 20 Olive elected a new
president, who demanded to see financial records, which Toole refused
That prompted the board to fire Deaconwood and ask the new property
management company to conduct the audit which identified the stolen
Police found the funds had gone directly from the condo’s bank account
to Timothy Toole’s.
The unsophisticated fraud may never have been discovered without the
new president asking questions, said Briggs.
“They were very trusting of Tim (Toole),” he said. “Everyone said the
same thing: he talked a good game and gained everybody’s trust. Until
they made that change they had no idea.”
Deaconwood also managed 9 Boardwalk Drive. Former resident Bruce
Campbell alleges the building was taken for about $90,000, because his
board wasn’t paying close enough attention.
Campbell, who became the board treasurer after Deaconwood Property
Management shut down, went through his building’s financial statements
with an auditor and saw $13,000 had been transferred from the current
account through the reserve fund to an outside bank account, until
about $90,000 was missing.
When they went to the police, they learned about the charges in
relation to the buildings in North York. The board at 9 Boardwalk
decided, that since there were “bigger fish” in line, they would write
off the loss, said Campbell.
In the end, the loss amounted to about $1,000 per unit.
Aside from the Channel Property Management scandal, there is almost no
publicity in Ontario about fraud involving condo corporations.
After Tim Toole was arrested, in February 2011, two angry Olive
Avenue victims went on the Internet blogs trying to raise awareness of
the charges against Toole and Deaconwood.
"Tim Toole who is the president of
Deaconwood management company is a big time thief. He was caught stolen
after years of taking fund from company's bank account for his personal
"Bad news is he kept on delaying his
court date, so he is still not charged yet! Anyone has any suggestion
about how many times can he delay his court date? Just hope he won't
finish spending all the funds he stole and go unpunished."
"This so called Management group and
Tim Toole have stolen over a million in our funds at 20 and 22 Olive
Avenue and he is being take to court for this, while we, as the owners
have to suffer and pay for it."
"I'm glad to find a thread about Tim
Toole's fraud. I hate to tell you this, but he's keep on delaying the
court date, so he's still not charged yet: Tim Toole is a big f**
monster! Just hope he won't show up at the court after he settle all
the funds he stole from all the condo owners."
Tim not only cheated his clients, he cheated the Canadian people. The
Canada Revenue Agency fined a Tim Toole $15,000 for repeatedly failing
Timothy Toole pleaded guilty on 25 October 2011in Brampton court to
eight counts of failing to file personal income tax returns, and seven
counts of failing to file goods and services (GST) tax returns.
He was fined $1,000 per count, for a total of $15,000. Toole was given
one year to pay the fine.
Court heard Toole failed to file personal income tax returns for the
2001 to 2008. Additionally, as director of Deaconwood Management Inc, a
management company, he failed to file GST tax returns for two periods
between 2002 and 2009.
Toole was issued 11 compliance orders to file the tax returns on or
before Dec. 15, 2011, court heard.
In late July 2013, Tim Toole pleaded guilty to fraud over $5,000 and
possessing property obtained by crime, and has started serving a
two-year penitentiary sentence.
chapter previous next