A North Vancouver couple is suing a local businessman for more than $1.7 million, alleging they were misled into loaning funds for a series of real estate developments that never materialized, according to a civil court claim filed in B.C. Supreme Court.
Joseph and Caroline Phillipovich allege that Ryan Michael Ross Deakin repeatedly deceived them into believing he and his companies owned and were developing several properties across North and West Vancouver. The couple says they loaned Deakin a total of $1,261,000 in principal between 2017 and 2023 based on his false assurances, and are now seeking repayment along with $488,710 in interest.
The lawsuit details a series of investments beginning in August 2017, when the Phillipovichs say they agreed to loan Deakin $525,000 at 10 per cent annual interest for a project in Upper Lonsdale. Deakin allegedly represented that his company, Havaal Real Estate Solutions Ltd., owned the property. In reality, it was owned by a separate entity, the claim states.
Over the next two years, the couple increased their investment to $750,000, based on Deakin’s continued representations that the project was proceeding successfully and generating profit. But according to the lawsuit, the property was never owned by Havaal and was eventually sold under foreclosure in April 2024. When the loan came due in 2019, the Phillipovichs say Deakin persuaded them to roll the funds into a new venture at properties on Edgemont Boulevard, again claiming ownership through his companies. They loaned him another $125,000, unaware, the suit claims, that a different company owned the properties and that Deakin had no stake in them.
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The court filing states that Deakin used similar tactics in 2023, convincing the couple to invest $216,000 for what he described as a redevelopment project at 808 and 802 East 3rd Street in North Vancouver. He allegedly claimed to have purchased the properties and combined the lots for a new development. The lawsuit says the Phillipovichs later learned Deakin had no ownership of either property.
In October 2023, Deakin allegedly requested another $170,000, this time for a proposed purchase of 177 East 1st Street. He offered the couple a share of the project’s profits instead of interest. They agreed, drawing on a line of credit. But again, the suit claims that Deakin did not have sufficient funds or other investors and failed to complete the purchase.
According to the court filing, the plaintiffs discovered the alleged fraud in April 2025. They say Deakin used much of their money for personal use and had no intention of repaying the loans. They seek judgment for the full amount of $1,749,710, including $1,261,000 in principal and $488,710 in interest, along with costs and any other relief the court deems appropriate. The claim includes allegations of fraud, breach of contract, and misrepresentation.
As of publication, none of the allegations have been proven in court, and Deakin has not filed a statement of defence.
Not surprised. I investigated Ryan Deakin as part of an application for a HELOC using his parents’ names and property several years ago. Application had misrepresentations all over and when the HELOC was recalled, he threatened to involve lawyers even though his name wasn’t on the account. Wish I remembered the name of the mortgage broker involved in it.