Dennis Oland's financial problems not new, argues defence
Bobbi-Jean MacKinnon | CBC News | Posted: November 9, 2015 8:40 PM | Last Updated: November 10, 2015
Crown maintains debt load much higher just before 2011 bludgeoning death of father, Richard Oland
A lawyer for Dennis Oland attempted to downplay the importance of his client's financial problems during his second-degree murder trial on Monday, by suggesting they started years before Richard Oland was killed in 2011.
But the Crown maintains the accused's financial situation was more dire in the months leading up to his father's bludgeoning death.
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Last week, the jury heard that Dennis Oland's spending during the first six months of 2011 had exceeded his income by nearly $87,000.
Crown witness Eric Johnson, a forensic accountant with Public Works Government Services Canada, had testified that Oland's $163,000 line of credit and $27,000-limit Visa were both maxed out, and his investments and RRSPs had been cleared out.
Defence lawyer Alan Gold asked Johnson to take the weekend to review Oland's financial situation in 2009 and 2010 before Monday's cross-examination.
Johnson found Oland's accounts were often overdrawn, and over limit, during those years as well, the Saint John courtroom heard.
On July 7, 2010, for example, Oland's main CIBC chequing account was minus $1,553.63, his line of credit was minus $35,098.04, his Visa was minus $23,128.07, his investment account had only $650, and his RRSPs stood at $70.
His spending exceeded his income by about $129,000 during the first six months of that year, due in part to a trip to St. Maarten that resulted in foreign currency transactions of nearly $9,000, according to the figures.
Oland had also bounced in July 2010 a $1,66.67-interest only payment to his father on a $500,000 loan — just as he had in July, 2011.
In addition, Johnson found $75,000 originally counted as 2008 income from CIBC Wood Gundy, where Oland worked as a financial adviser, was actually a loan from his employer, to be paid back over 10 years — meaning his debt was worse than initially thought.
Could have borrowed more
Gold suggested Oland could have solved his financial problems in 2011 by borrowing more.
He asked Johnson if he found any evidence indicating Oland had sought to increase his line of credit and been refused. Johnson said he did not.
But on redirect by Crown prosecutor Derek Weaver, Johnson noted Oland was significantly more in debt in 2011 than he had been the year before the murder.
Oland's line of credit debt, for example, jumped by nearly $129,000 to $163,481.02, and his Visa debt grew by nearly $9,500 to $32,582.89, for a total of about $196,000.
He was still paying back the $75,000 loan from his employer and had also received a $16,000 advance on his pay in the weeks leading up to his father's death, the court has heard.
Oland's take-home income was averaging about $6,000 a month, almost all of which was going to child and spousal support payments of $4,233 to his ex-wife and interest-only loan payments to his father of $1,666.67.
He also had car payments and other living expenses, such as food, heat and lights, to cover.
'On the edge financially'
Richard Oland's bludgeoned body was discovered lying face down in a pool of blood in his investment firm office on July 7, 2011.
The 69-year-old prominent businessman, whose investments were worth about $36 million, had suffered 45 sharp and blunt force injuries to his head, neck and hands.
Dennis Oland, 47, who was the last known person to see his father alive during a meeting at his Canterbury Street office the night before, has pleaded not guilty to second-degree murder.
Lead Crown prosecutor P.J. Veniot has previously suggested money was a possible motive, describing the accused as being "on the edge financially."
Oland was two months behind in making monthly, interest-only, payments of $1,666.67 on a $500,000 loan he received from his father following a divorce from his first wife, Veniot had said.
"This was the burden carried by Dennis Oland when he went to visit his father," Veniot had said, as he outlined the prosecution's case for the jury. He was "living beyond his financial means."
Johnson was asked to assist the Saint John Police Force with its investigation in August, 2011. He was asked to review Oland's finances between Jan. 1, 2011 and July 6, 2011.
The trial resumes on Tuesday at 9:30 a.m. when the Crown calls a new witness.
It is scheduled to run until Dec. 18.