Fortress Real Developments woes

[neuhaus]

This was in the news this past couple weeks:

http://business.financialpost.com/n...ss-office-in-mortgage-fraud-probe-sources-say

https://regina.ctvnews.ca/fortress-real-developments-offices-raided-in-toronto-1.3887380

https://www.theglobeandmail.com/bus...ke-over-fortress-broker-in-wake-of-rcmp-raid/

http://www.cbc.ca/news/canada/manitoba/skycity-fortress-developments-trustee-review-1.4633589

 

[cdr108]

oh no, those guys (Jawad Rathore & Vince Petrozza) again ?!?

http://www.mfda.ca/regulation/bulletins05/Bulletin0157-E.pdf
http://www.mfda.ca/enforcement/hearings05/Order200504.pdf
http://www.osc.gov.on.ca/en/Proceedings_rad_20111219_phoenix-credit.htm

where's Ben to the defence?

 

[detroitbootybass]

where's Ben to the defence?

That rat decided to flee the sinking ship and start his own 'consulting' firm when Fortress was informed that they were under investigation.

 

[DSCToronto]

From G & M

Real estate developer Fortress faces foreclosure battles as mortgage lenders circle

There are, according to the Database, 14 of their developments underway or in pre-construction. (One "on hold".)

 

[mikejb]

It has to be a stressful time if you are one of the buyers, or mortgage holders tied up with these guys. The article says the Avenue Road and Brookdale job has been shut down, three stories out of the ground.

 

[LMVDR]

If you didn't spot this train wreck from 100 miles away and you have anything to do with the real estate industry then you are ignorant, blind or just plain incompetent.

 

[KSrealtyAdvisors]

These guys are bad news!

 

[mikejb]

These guys are finally officially guilty. Now how much time will they get is the next question.

https://www.cbc.ca/news/canada/toronto/fortress-real-developments-trial-1.7545051

 

[Midtown Urbanist]

These guys are finally officially guilty. Now how much time will they get is the next question.

https://www.cbc.ca/news/canada/toronto/fortress-real-developments-trial-1.7545051

Crown to seek 10 years jail time, $26-million forfeiture in Fortress Real Developments case

Co-founders of the now-defunct syndicated mortgage company were found guilty of fraud earlier this year

www.theglobeandmail.com