UPDATE: TD Bank forgiving all loans to customers of Ecowest

WATCH (above): A raucous meeting in downtown Vancouver today over the money owed by the bankrupt company Ecowest. Rumina Daya reports.

UPDATE: Global News has found out that TD Bank will be forgiving all loans to customers of Ecowest, who borrowed money for home renovations that were never completed. The total could amount to millions for the bank. TD bank is not providing any further information or details but will have a formal announcement tomorrow.

Previous story: 

For three weeks the owners of Ecowest have been silent over the money owed by their bankrupt home renovation company. Today, they surfaced for the first time to be confronted by Ecowest clients and suppliers, which are accusing them of bilking them out of more than two million dollars and promising home renovations that were never completed.

Before the meeting, Global BC’s Rumina Daya confronted one of the company’s two principals, Aaron Vaughn, to ask some tough questions.

For each of Daya’s questions regarding the money, Vaughn replied, “no comment.”

Ecowest’s two principals, Vaughn and Camp, home renovations company went bankrupt on March 4; which left homeowners and contractors owed more than $ 2.3 million.

At a packed meeting downtown today, the bankruptcy trustee delivered the grim news that there is only $168,000 in assets to go around; which means unsecured creditors most likely won’t see a penny.

“Where does revenue come in and expenses go out and there’s two million missing. Where’d it go?” asked homeowner Monique Saichenberger after the meeting.

The explanation given to homeowners was the money was used to operate the business; which left homeowners like Saichenbeger asking “what were they operating?”

TD Bank loans were signed and the money was transferred to Ecowest before the work was completed as the contract stipulates.

“I wasn’t aware up until about three weeks to a month ago that I had a loan with the TD Bank for over $18,000,” another homeowner, Linda Barrett said.

“I had no idea whatsoever that back in November those funds were forwarded to Ecowest renovations without my knowledge.”

The owners told creditors the money went back into the business in an effort to keep it operating and that there was no scam and no funds were diverted.

TD says it’s working with homeowners to get the incomplete work done and Coquitlam RCMP are investigating but no charges have been laid.

~ with files from Rumina Daya