Dennis Oland's debt deepened before multimillionaire father's death, murder retrial hears

Dennis Oland'slast $1,666.67 interest-only payment to his father before themultimillionaire was killedbounced due to insufficient funds, Oland's murder retrial heard on Thursday.

That was about the same amount of money Richard Olandcould spend on a single meal on his yacht, according to his business associate and chartered accountant Robert McFadden.

The contrast between Richard Oland's lavish lifestyle andthe accused's deepening debt in the months before the elder Oland's2011 bludgeoning death was front and centre on Day 26 of the retrial in Saint John's Court of Queen's Bench.

The Crown has suggested Dennis Oland'sfinancial problems were a possible motive for murder. During opening statements, Jill Knee told the court that the financial adviser had maxed out a$163,000 line of credit, a$27,000-limit credit card, cashed out his RRSPs and had requestedan advance on his pay.

Just two years earlier, his father had provided $538,000 when he was going through a costly divorce to settle his debts and ensure he didn't lose his house in Rothesay, which had been in the family for decades.

"This was the financial burden carried by DennisOlandwhen he went to visit his father on July 6, 2011," Knee said.

Oland, 50,is the last known person to have seen his father alive when he visited him at his office that night.The 69-year-old was found dead in the office the next morning. He had suffered 45 sharp- and blunt-force injuries to his head, neck and hands.

His son, who was interviewed by police that day, said:"I have no reason to want my father dead, to kill himI mean, we've had our things, but no, I wouldn't rob someone of the fun that they're having."

He was charged with second-degree murder in 2013.

A jury found him guilty in 2015, but theNewBrunswick Court of Appeal overturned his conviction and ordered a new trial, citing an error in the trial judge's instructions to the jury. He is being retried by judge alone.

The retrial resumes on Friday at 9:30 a.m. with the continued cross-examination of McFadden.

On Thursday, McFaddentold the court Richard Olandraced yachts as a hobby and could spend $100,000 on a singlerace. He estimated he competed in 10 to 12 races around the world each year.

In 2009,Olandspent about six weeks in New Zealand, building a new boat. By 2011, "that boat had gotten old," so he was building a newboat in Spain.

Oland'sinvestments were worth about $36 million at the time of his death, said McFadden.He was the owner and sole director of three companies dealing with investments and real estate, he said.

After he was killed, his sonand McFadden, who were executors and trustees of his will, appointed themselves directors and officers of the companies.

Was considering changing will

Crown prosecutor P.J. Veniot asked McFadden about a handwritten "to-do" list found in the office. It was dated July 4 two days before the killing and had"will" as the sixth and final item.

"Will of whom?" asked Veniot.

McFaddentold the courtRichard Olandhad been considering changing his will. "It was a little stale and he periodically thought about updating it," he said.

Under the terms of the existing will, which dated back to 1996, Oland's house and car were to be transferred to his widow, Connie, and his companies were to be transferred to a spousal trust, said McFadden.Connie would receive income from the residual and could receive more money from the capital, at the discretion of the trustees her son and McFadden.

Upon her death, the estate would be divided equally between Dennis Oland and his two sisters, he said.

Life insurance meeting 'cosmic coincidence'

Fourthon the to-do list was "life insurance," the courtroom heard. McFadden said Richard Olandalready had a life insurance policy worth about $8 million, with his investment company, Far End Corporation, as the beneficiary.

But on the morning of July 6 the day he was killed he had a meeting at his office with "some insurance fellas," who were "looking to peddle life insurance."

Defence lawyer Michael Lacy described it as a "cosmic coincidence." McFadden agreed.

He testified he was aware of Dennis Oland's"cash-flow issues." In 2008-09 he helped broker the $538,000 arrangement between father and son with monthly interest-only payments.

"Was it a gift?" the prosecutor asked.

McFadden said Richard Oland considered it a loan,but "wasn't worried about collecting it."

If his son never paid the money back, it would just be deducted from his share of the estate, he said.

Richard Olanddid have three conditions,said McFadden. He wanted Dennis Oland and his then-significant other, Lisa, who later became his second wife, to have a domesticcontract to protect thefamily homestead, at 58 Gondola Point Rd., which was worth an estimated $650,000.

He also wanted a mortgage on the home he had grown up in, and wanted hiscompany Kingshurst Estatesto have right of first refusal to purchase the home if Dennis wasn't living there, saidMcFadden.

Documents were drawn up and there was "some back and forth" on the drafts, but it just dragged on and the papers were never signed, he said.

McFadden testified he was unaware that Dennis Olandalso subsequentlyobtained a secured line of credit against his home through CIBC.

Earlier Thursday, former CIBC employee Michelle Lefrancoistestified she handled an application by Olandin August 2010 for a $75,000 secured line of credit.

Seven months later,heincreased the amount of the collateral mortgage to $163,000,she said.

Lefrancoissaidshe had no knowledge of $538,000 Oland had received from his father.

Fellow CIBC employee David Cosman, who had dealings with both of the Olands, testified he didn't know either.

• On mobile? Follow our live coverage here

Lead defence lawyer Alan Gold challenged any notion his client had borrowed from his father and was hiding his debt from lenders.

"You wouldn't expect to know if Richard Oland gave his son Dennis an advance on his inheritance?" he asked Cosman.

"No."

"And if Dennis,in order to keep things fair with theother beneficiaries was paying his dad $1,600 a month by way of a cheque, thatwouldn't be earth-shaking information for you to know, would it?"

Cosman agreed.

Gold also questionedLefrancois's memory ofOland'sfinances. She leftCIBCin 2011 and wasn't interviewed by Saint John police until years later.

He suggestedOlandhad increased his line of credit, based on her recommendation, and producedan email exchange between them in February 2011.

Olandindicated he had received an unexpected $16,000 tax bill from the Canada Revenue Agency and inquired about getting a $20,000 loan.

Lefrancoissuggested he instead increase his line of credit by $30,000, because it offered a better interest rate and a $499 legal fee would be waived.