Vancouver real-estate CEO allegedly diverted C$6.9m investor funds into art, lawsuit claims

A lawsuit in the Supreme Court of British Columbia alleges Coromandel Properties CEO Jerry Zhong spent C$6.9m (US$4.9m) in investor funds on 14 works — four Basquiats among them — between April 2021 and March 2023, while the firm was in financial distress. Plaintiffs say the art was never displayed and was pledged as collateral for a C$3.3m (US$2.4m) credit line. Zhong denies all allegations; the case is ongoing.