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
Tel:       416-398-2666
Fax:      416-398-8520

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 to divulge.

That prompted the board to fire Deaconwood and ask the new property management company to conduct the audit which identified the stolen money.

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.”

Another condo victimized
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.

No publicity
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.

They wrote:
"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 use."

"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."

Income tax cheat
Tim not only cheated his clients, he cheated the Canadian people. The Canada Revenue Agency fined a Tim Toole $15,000 for repeatedly failing to file
tax returns.

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 years
2001 to 2008. Additionally, as director of Deaconwood Management Inc, a property 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.

Jail time
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.

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