Emerald peddler nabbed on old warrant

Photo: Kelly Hayes

Regan Reaney talks about his gem in this file frame grab

It appears Regan Reaney may have been the author of his own misfortune.

Reaney, who was attempting to auction off, what he claimed to be, the world's largest cut emerald in Kelowna, was arrested Friday on outstanding fraud warrants issued in Hamilton, Ont.

According to RCMP Sgt. Ann Morrison, Reaney, or someone working with him, contacted the local detachment looking for additional security for his gem.

Morrison says, as a matter of course, police do a background check whenever their services are requested by outside parties.

"That's when the warrant popped up," says Morrison.

Reaney remains in Kelowna jail cells awaiting transportation back to Hamilton.

Morrison says, while details are still being worked out, she expects Reaney to be transported sometime this week.

Reaney is wanted in Hamilton on four counts of false pretenses and one count of fraud under $5,000.Hamilton Police spokesperson, Sgt. Teri-Lynn Collings, says those incidents took place in 2006.

"There are four separate incidents under the false pretenses. Basically offering a service that he didn't render," says Collings.

As far as Collings knows, the charges did not have anything to do with gems.

Castanet is investigating reports from people who say they were not satisfied after dealing with Reaney online. They tell Castanet a person claiming to be Reaney was a frequent seller on EBay. 

Reaney had been in Kelowna for about a week trying to drum up interest in what he claimed to be the world's largest cut emerald.

The emerald, appraised at $1.15M was mined in Brazil and cut in India before Reaney purchased it and had it shipped to Calgary.

He brought the stone (Tiadora) to Kelowna where it was to be auctioned off Saturday.

No bids were received on the gem and the sale was called off.

The bidding was to have started at $500,000.