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Old Posted Apr 21, 2018, 3:42 PM
Kinguni's Avatar
Kinguni Kinguni is offline
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Originally Posted by Jets4Life View Post
The NDP is so much better, with all the lies the fed to us in the past decade, especially when it came to Bipole III. . . . You NDP supporters are pathetic.
LOL! Not an NDP supporter. To assume so makes you seem rather pathetic. I vote for the candidate I think will serve me better, not the party or it's leader. Was just telling it as it is. The last NDP government wasted billions of taxpayer dollars. From waste of money health authority buildings to bipole 3.
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Old Posted Today, 5:14 AM
Roger Strong's Avatar
Roger Strong Roger Strong is online now
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Join Date: May 2003
Location: Winnipeg
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While I can certainly sympathise, I have to wonder what happened to "due diligence."

Syndicated mortgages are an unregulated gamble to begin with. You need an extraordinary amount of trust in those managing that gamble. In this case, Rathore and Petrozza.

Thier previous company, Phoenix ended with a $3M payout to what the court called "investor victims." That settlement was in 2011, long before anyone threw money at them for SkyCity. The 2016 court decision was for the Ontario Securities Commission to start forwarding the settlement to investor victims. The 2011 settlement banned Rathore and Petrozza from trading in securities for the next 15 years, but allowed them to continue trading in mortgages.

And even that wasn't their first adventure with investments. The link above mentions that Rathore was banned from selling mutual funds in 2005.

Whoever invested in this either didn't do their "due diligence" or was willing to take one hell of a risk.

If they relied on a broker for that "due diligence", well....

Lastly I hear nothing from my broker about this....
...legally the smartest thing the broker can do is shut up and hope they go away.

Also from the article above:

'The order … [has] nothing whatsoever to do with Fortress Real Developments, SkyCity': Fortress spokesperson
I expect we'll hear from Rathore and Petrozza in a new business. With a press release stating that what happened at Fortress has nothing to do with their new business.
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