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• David Franklin 2019-01-15 3:31:54 PM Four recent stories on the Fortress Collier Centre fiasco where the investors in both the Fortress syndicated mortgages have lost all of their money. The first investors lost $17 million and the ones who came after, and I do not know how funds could have been raised as these investors never had any value when they invested, lost $10 million. Total loss over $27 million when you add the 8% interest for all these years. https://www.simcoe.com/news-story/9102887-fortress-caves-as-morrison-financial-takes-possession-of-barrie-s-collier-centre/ https://www.barrietoday.com/local-news/announcement-soon-on-retail-space-at-collier-centre-811644 https://www.barrietoday.com/local-news/could-there-be-a-happy-ending-for-collier-centre-5-photos-1183178 https://www.barrietoday.com/local-news/i-still-feel-ashamed-investors-life-savings-held-in-limbo-1186288

• --- 2019-01-15 2:10:36 PM What's the point of examining what if and past events?

• Tobias Funke 2019-01-15 1:11:39 PM well if you want to reach Tony Mazzoli , he lives on Windrose crt in Vaughan , on the court.

• David Franklin 2019-01-15 12:54:47 PM On the Rosewater Whitby deal, to add insult to injury, a party related to the borrower, was paid $750,000 as an acquisition fee, in consideration of negotiating and funding the purchase agreement and $250,000 was paid as a referral fee to Marcelo Perez and Trevor Rabie. The principals if the Rosewater Group are Mario Bottero and Marco Lorenti. So on top of the 35% fee, $1 million was paid to the parties that brought the project in to Fortress. This was disclosed in the documents. Why didn't the sales agents disclose this to their investors?

• 2019-01-15 11:57:37 AM If the Fortress FSCO licensed salesforce and brokerages had followed the law, set out below, they would not have sold these high risk investments to the average investor. Duty re suitability of mortgage for customer 24. (1) A brokerage shall take reasonable steps to ensure that any mortgage or investment in a mortgage that it presents for the consideration of a borrower, lender or investor, as the case may be, is suitable for the borrower, lender or investor having regard to the needs and circumstances of the borrower, lender or investor. O. Reg. 188/08, s. 24 (1). If FSCO had acted in accordance with its mandate, it should have stopped Fortress, which started in 2008, by the end of 2010 from raising $920 million from 14,000 investors. The Ministry of Finance of Ontario, which oversees FSCO, stated publicly that syndicated commercial mortgages were riskier than residential mortgages in 2004. If the Minister of Finance, Charles Sousa had acted when he was advised in August 2014 by the Auditor General of Ontario, that FSCO was incompetent, fewer investors would have lost money.