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"I was a bad person at one time. Just because I have a past -- that's not the person I am today. I want people to know that. That is not me today."
Those words from Regan Reaney who was in a Hamilton, Ont. courtroom last week answering to charges of fraud.
Reaney came to prominence in the Okanagan more than a month ago when he brought to Kelowna, what he claimed was, the world's largest cut emerald.
Teodora, as it's called, was appraised at over $1M and was to be auctioned off at Western Star Auctions in Kelowna.
The night before the auction, Reaney was arrested on outstanding fraud charges out of Hamilton.
Reaney, who spoke exclusively with Castanet Senior Reporter, Kelly Hayes, says he pled guilty to the fraud charges which he says stemmed from bounced cheques.
"I was in court Wednesday (February 15). I received 18 months probation, 180 hours of community service and over $5,000 in fines," says Reaney.
"I had an advertising business and I did not give them their advertising but I cashed their cheques which was $80. It was a mistake. I apologized to those people and I've made full restitution."
Despite his arrest, the auction went ahead, however, not one bid was received.
The fraud charges were not the only controversy to dog Reaney and his emerald.
Although it received a favourable appraisal by Jeff Nechka of Premier Gems in Calgary, other experts remained skeptical, claiming it was nothing more than dyed white beryl.
"There is colour in there but the dye enhanced it to make it an even colour throughout," claims Reaney.
"We are going to send Teodora to New York City to the head GIA (Gemological Institute of America) so they can verity again that this emerald is the largest emerald. It is what it is and it will be a big, 'I Told You So.'"
Reaney says once the emerald returns to Kelowna it will be auctioned off again at Western Star Auctions.
That was confirmed by auction house owner, Mike Odenbach, who says the emerald remains in Kelowna at an undisclosed location, under lock and key.
If the emerald doesn't sell there may be a museum in Canada that would be willing to display it on loan.
Odenbach, meantime says he is comfortable working with Reaney despite his past and this most recent turn of events.
He says he knew about Reaney's past although admits he did not know about the situation that arose in Ontario.
"I feel very comfortable with Regan and I'm glad to be working with him down the road," says Odenbach.
"All I want from Regan is to keep to his word and be that man he is setting out to be."
Reaney says he wants to be a success story.
"I showed the public I am who I am," added Reaney.
"I have a past and I apologized. Even with a past people can turn out to be wonderful people and lead by example. That's what I've been doing."
Video: Castanet's Kelly Hayes reports.
