License to Steal

September 9th, 2013 · 2 Comments · Property Management, REIT

engineerpublicopinion 300x115 License to Steal

I’m disappointed. It turns out that for a few thousand bucks, a few hours of lawyer work, some flashy clothes, glib smile and a fancy office, you too will be able to trick some people entirely legally, take their RRSP money, waste it on tenuous schemes and walk away with impunity. I would think that regulators would be much more invested in preventing the widespread fraud of the Canadian Public. I am wrong.

As long as this is allowed people will continue to do it. Close the loopholes. Elderly and vulnerable Canadians deserve better.

It’s not OK to Steal

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2 Comments so far ↓

  • SL

    How do you differentiate between outright crooks, poor operators and market corrections that even causes the most honest and disciplined manager to lose money ?

    Who determines what “misrepresentation” looks like ? A too glossy and fanciful marketing brochure ?

    Statements like “Target return is 12%” ?

    Buying poorly managed, semi-vacant shopping centers or raw land to be developed into smaller residential lots generally is a good business in the right markets.

    Who then determines that manager A is a crook (out to steal money as you state it) and manager B is OK because he does honest work but perhaps mis-estimated the true demand or got caught in a global recession like 2008 ?

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