CRA flagged “Ponzi Like” Fortress Syndicated Mortgages – FSCO To Blame

November 30th, 2017 · 4 Comments · Fortress Real Developments

I am so sick of the cowardly enforcement squeaks of Canadian Regulators. They might as well be in bed with the criminals, they are so lazy and weak. They have the intestinal fortitude of a reused Kuerig Pod.

Investors lose money, real money in these schemes and we are the laughing stock of the world when it comes to money laundering, mortgage fraud, white collar criminals and general lack of prosecutorial gumption. If you don’t lose a case ever and you settle every case for fines you never collect, what the hell good are you? Your job is to protect the Canadian people from predatory schemes. Just do it.

Landlord Rescue Journalism Prize Awarded to Matt Scuffham on Reuters

When I read this article about FSCO and Fortress the mortgage syndicators today, I just about jumped for joy.  The article begs the question, why would FSCO ignore so many egregious violations of so many rules? CRA even flagged Fortress as a “Ponzi like Scheme” and I can’t help but agree. It reeks of collusion and complicity.

Then when you start looking into their projects, it gets worse, and regulators aren’t doing anything except waiting around for them to go bankrupt. Investors will lose even more money… then investors will be told it’s your fault you didn’t do enough due diligence. Then once one of the many projects does go bankrupt investors will be told, this is is a civil matter hire a lawyer. Lawyers will say, the money is all gone, so it isn’t worth pursuing it and Jawad keeps driving his Bentley while senior investors have to get jobs to pay back the HELOC said mortgage broker (Double ending commissions) got for them, to play interest rate arbitrage with shitty pre-construction condos and shady developers.

 

Surely the government can find some people with some stones here in Canada, to stop this kind of malfeasance.  We need forensic accounting, and seizure and sale of assets to make Canada an unsafe place for white collar crime. Enough is enough.

Stop the madness!

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4 Comments so far ↓

  • Christine

    Man-o-man, this really sucks. Has it always been like this in Canada? Is this a government thing—or a ‘nice’ Canadian thing? What is our problem!
    Thanks for “standing on guard” for the little guys, Rachelle.

    • Keith Cowan

      I think this is a call in the wilderness! Canadian regulators are disorganized and lack fortitude. Will continued calls change anything? I doubt it.

  • Allison Jean Munn Barber

    Well said, Ruby. All too familiar.

  • RMG

    Fortress spokeswoman Jenni Byrne – wasn’t she Harper’s political advisor and an advisor to the Conservative party. That said, why isn’t the provincial government doing anything about it? Where is the $$$$ going?

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