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• BorisBoris 2019-01-17 6:09:00 PM Regrettably, I am a victim of this scam as well. Invested in Collier2, Union Waterfront. Looks like my money gone here. Possible Soba2 is OK. No idea. I agree we should unite and work with the province to keep accountable on FSCO lack of actions

• CS 2019-01-17 5:53:24 PM Exactly. I relied on my advisor to guide me to a sound investment. This is what my advisors words were with regards to a $25k LIRA From pension funds I had received: “Please get me the asset allocation on all your RRSPs, so that we can figure out where to put your pension money. I will then have the right allocation for you on Monday”. And then Monday came; she recommended the Syndicated Mortgage investment (which I had never heard of) and told me it was RRSP /LiRA eligible. Low risk, guaranteed 8% interest.

• Screwed 2019-01-17 5:48:39 PM The FSCO knew about Fortress and their leaders Jawad Rathore and Vince Petrozza for a long time, In fact they banned them from dealing in securities and fined the $3 million dollars for violations between 2007-2009, none of this was shared with the 14000 investors yet they allowed them to continue bilking innocent investors and did nothing.. It would not surprise me if Fortress paid off the top execs at FSCO because I just can't think of a single other reason that the FSCO wouldn't have shut these guys down long before now. And to the dummy that keeps posting about "little evidence" "none of this has been proven" "sounds like a with hunt" give your head a shake. The process hasn't played out but you don't have to be a lawyer to plainly see that this plain criminal a well orchestrated Ponzi scheme to scam thousands of investors. Here is what we know so far. 1. Mortgages were sold as "secured against the value of the property" it's proven lands were way over valued and done so by their own people. 2. No one was ever told there would be 2nd , 3rd, 4th 5th and so on mortgages on the properties. 3. We were told monies would only be released to the developer by the trustee when funding and various stages of the project were completed. 4. Most of us were promised but never received signed documents (what does that alone say?) 5. None of us were told that 35% of our investment would be going directly to fees and commissions. 6. None of us were aware that Fortress was using it's own "independent" lawyers. 7. We were not told they had to use a trustee that was not registered in Ontario. 8. We were not told that we would be getting paid interest from our own money. 9. We were not told that when interest stopped being paid that the brokers would also stop answering emails and phone calls.

• CS 2019-01-17 5:46:02 PM “Fortress has yet to be proven as a scam If it ever will?” Lol. Are you kidding me? People don’t start up class action law suits, the RCMP don’t raid and investigate businesses and broker licenses aren’t revoked for no reason!!! Of course FSCO failed the investors, but we wouldn’t be in this hell hole if it weren’t for the greed of Fortress, BDMC etc. We weren’t advised that the agents would receive a 35% commission. We weren’t told the loan to value ratio was grossly inflated. We were told every step of the way that this was a safe, secure, low risk investment.

• David Franklin 2019-01-17 4:58:58 PM Since the RCMP have obtained a search warrant concerning Fortress based on fraud, why didn't the Fortress brokerages know that they were involved in fraudulent activity and why didn't FSCO know this, since this activity is in breach of the Mortgage Brokerages, Lenders and Administrators Act regulations. Why didn't they do their due diligence? Was making commissions more important? Dishonesty, fraud, etc. 14.2 A brokerage shall not act, or do anything or omit to do anything, in circumstances where the brokerage ought to know that by acting, doing the thing or omitting to do the thing, the brokerage is being used by a borrower, lender, investor or any other person to facilitate dishonesty, fraud, crime or illegal conduct. O. Reg. 153/15, s. 2. The same applies to the mortgage brokers and agents and why didn't they do their due diligence? Was making commissions more important? Dishonesty, fraud, etc. 3.1 A mortgage broker or agent shall not act, or do anything or omit to do anything, in circumstances where he or she ought to know that by acting, doing the thing or omitting to do the thing, he or she is being used by a borrower, lender, investor or any other person to facilitate dishonesty, fraud, crime or illegal conduct. O. Reg. 152/15, s. 1. The investors relied upon these FSCO licensed parties, the independent legal advice and FSCO. All of these parties failed to comply with the law.