Vancouver stock promoter charged with tax fraud

VANCOUVER, April 5, 2017 /CNW/ - The Canada Revenue Agency (CRA) announced today that Damien Reynolds, a 49-year-old dual citizen of Canada and Australia, was charged on April 4, 2017 with fraud under section 380 of the Criminal Code and tax evasion under section 327 of the Excise Tax Act. Mr. Reynolds is a mining industry consultant and stock promoter based in Vancouver.

The criminal charges laid against Mr. Reynolds allege that, from 2004 to 2012, through the use of offshore companies located in the British Virgin Islands and Ireland, he over-claimed capital losses, and under-reported income to falsely reduce his tax payable by millions of dollars. The alleged schemes include under-reporting of his personal income, falsely claiming non-resident status, claiming false losses, and evading payment of Goods and Services Tax/ Harmonized Sales Tax.

The preceding information was obtained from the court records.

The CRA Criminal Investigations program now focusses on sophisticated taxpayers and promoters of schemes. Evidence can be obtained through the execution of search warrants, issuance of production orders, and numerous witness interviews.

When taxpayers are convicted of income tax evasion, they must still repay the full amount of taxes owing, plus interest and any civil penalties that may be assessed by the CRA. In addition, the court may fine them up to 200% of the taxes evaded and impose a jail term of up to five years. A jail term of up to 14 years may be imposed for convictions under section 380(1)(a) of the Criminal Code.

If you have ever made a tax mistake or omission, the CRA is offering you a second chance to make things right through its Voluntary Disclosures Program (VDP). If you make a valid disclosure before you become aware that the CRA is taking action against you, you may only have to pay the taxes owing plus interest. More information on the VDP can be found on the CRA's website at

Further information on convictions can also be found in the Media Room on the CRA website at


SOURCE Canada Revenue Agency

For further information: Dave Morgan, 604-587-2533


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