The longtime president of the East End Hells Angels has lost a court challenge over an investment gone bad.
“I accept Sadler’s evidence that he pointed out to the plaintiff at the outset of their relationship, or close to it, that the plaintiff was free to obtain his own appraisal of the properties he was obtaining mortgage security over,” Weatherill said in a ruling released this week. “I find that the plaintiff likely ignored that advice because of the cost, and because the transactions he engaged in with Sadler had all gone smoothly.
Bryce and Sadler completed several other deals before the ill-fated Chilliwack investment arose in 2010. Sadler raised the prospect of Bryce financing the $500,000 second mortgage on the Chilliwack acreage in May 2010. He gave Bryce a copy of a 2008 appraisal done for the owners’ broker, which valued the property at $2.1 million. The appraisal contained disclaimer clauses, Weatherill said, which Bryce admitted in court that he didn’t read.