Concerns about Daniel P. Reeve caused brother to leave firm, court hears
A man who claims to have lost $200,000 to Daniel P. Reeve took the stand Tuesday at the trial of the former financial planner.
Douglas Thiel testified that his financial advisor was actually David Reeve, who worked with his brother at DPR Financial.
He said that the three allegedly met in the spring of 2008, with Daniel P. Reeve convincing Thiel to invest $200,000 in the Breadlebane Inn, a property in Fergus that Reeve claimed he was looking to buy.
Days later, court heard, Daniel P. Reeve arrived in a limousine for a meeting with Thiel at a bank.
Once they were inside, Thiel transferred the $200,000 from his retirement fund to Reeve.
Thiel said that he thought little more about the investment until that fall, when he learned David Reeve was leaving DPR Financial to start his own company.
“He believed that Daniel may be accepting money from clients and not using it for the intended purpose,” Thiel told the court.
“He said ‘I wasn’t comfortable with the direction Daniel was taking the business.’”
Thiel told the court that he met with Daniel P. Reeve twice, ultimately getting him to agree to hand back the money within 90 days – a transaction Thiel says never took place, despite repeated phone calls and emails to Reeve’s office.
Reeve has pleaded not guilty to an assortment of fraud charges.
The Crown alleges that he bilked up to 41 people out of approximately $10 million.