A serene Salt Spring Island home, valued today at over $1.6 million, is at the center of a financial mystery. The British Columbia government alleges the property was purchased with funds originating from a massive, US$165-million stock fraud – a classic “pump and dump” scheme designed to enrich a few at the expense of many.
Alicia Davenport, the homeowner, has now agreed to cooperate with authorities, providing information about the source of the money used to buy the property. This comes after the province sought an “unexplained wealth order,” a powerful legal tool that shifts the burden of proof onto the defendant to demonstrate the legitimacy of their assets.
Instead of challenging the order in court, Davenport entered into a consent agreement. She will disclose all records related to the acquisition and upkeep of the island estate. The province has given her until mid-December 2025 to fully comply with the request for detailed financial information.
Davenport and her former spouse, Geordie Lee, vehemently deny any wrongdoing, maintaining the funds were a legitimate divorce settlement. Records show the property was purchased outright in 2017 for $1 million, a significant sum paid in cash with no mortgage involved.
The case highlights a new wave of legal tactics employed by the B.C. government to combat money laundering and financial crime. Introduced in 2023, these laws empower authorities to investigate wealth that appears disproportionate to known legitimate income sources.
This isn’t an isolated case. Courts have already sided with the province in two similar wealth order disputes, involving millions held in a lawyer’s trust account and $7 million linked to an alleged illegal cannabis operation. These rulings demonstrate the growing effectiveness of the new legislation.
Davenport initially argued the wealth order was unnecessary, claiming the province could obtain the same information through standard legal discovery processes. However, she ultimately agreed to the consent agreement, stating through her legal counsel that she wished to avoid a protracted and costly legal battle.
The province’s investigation points to four wire transfers originating from a shell company connected to the stock fraud. The scheme involved artificially inflating stock prices before insiders sold their shares, leaving unsuspecting investors with substantial losses.
Roger Knox, a British citizen central to the fraud, has already been convicted and sentenced to three years in jail, ordered to pay over US$10.9 million in restitution. He played a key role in concealing ownership and funneling illicit funds to those involved.
The alleged path of the money is intricate. Over a three-day period in 2017, $1.15 million was transferred to a West Vancouver law firm, Biancardi Law Corp., ostensibly as a loan to Geordie Lee. Instructions for the transfer reportedly came directly from Knox.
Just one day after these transfers, Davenport, recently separated from Lee, purchased the Salt Spring Island property for $1 million in cash. The transaction was handled by Simon Biancardi of Biancardi Law Corp., raising immediate questions about the flow of funds.
Davenport maintains her innocence, asserting she had no knowledge of any unlawful activity. She also invokes a clause in the Civil Forfeiture Act, arguing that forfeiture would be unjust if she wasn’t directly involved in the alleged crimes and had no reasonable way of knowing the funds were illicit.
The case has also brought scrutiny to Biancardi himself. The B.C. Law Society censured him for his involvement in the Salt Spring Island transaction and other questionable dealings with clients. He faced a six-month suspension and restrictions on handling trust funds and practicing real estate law.
While the information provided in response to the wealth order remains confidential, the case underscores the province’s commitment to unraveling complex financial schemes and holding those who profit from illegal activities accountable. The investigation continues, seeking to expose the full extent of the alleged fraud and its connections to the idyllic Salt Spring Island property.
