Key Points:

• 2008 BCSC Decision: Found Stevenson and co-defendants defrauded investors through a Ponzi scheme, breaching the Securities Act. Ordered Stevenson to pay $5,530,389 plus a $1.5 million administrative penalty.
• 2017 Action: BCSC initiated action to renew the judgment before limitation period expired, resulting in a 2019 default judgment against Stevenson for $9,500,850.59 (including interest).

Legal Framework for Setting Aside Default Judgment:

• Factors from Miracle Feeds v. D.& H. Enterprises Ltd. (1979):
  1. No wilful or deliberate failure to defend.
  2. Application to set aside judgment made promptly.
  3. Meritorious defence worthy of investigation.
  4. Supported by affidavit evidence.

Court's Analysis:

• Wilful Failure to Defend: Stevenson did not deliberately avoid defending; he claimed lack of personal service.
• Prompt Application: Stevenson delayed unreasonably in applying to set aside the judgment despite having counsel and necessary information by early 2022.
• Meritorious Defence: Stevenson's defence lacked merit. The 2008 decision and his 2014 criminal conviction for fraud strongly evidenced his involvement in the scheme.

Conclusion:

• Interests of Justice: The court found it not in the interests of justice to set aside the default judgment due to Stevenson's delay and lack of a credible defence.
• Order: Stevenson's application dismissed. He must produce financial documents and attend an examination in aid of execution. The BCSC is awarded costs for the applications.

Disposition:

• Stevenson to comply with document production by January 28, 2023, and attend examination on February 21, 2023.