One broker involved in a suit related to syndicated mortgages responds to claims made against him by the developer.
Dave Martino, CEO of Landmark Capital Ltd., a licensed broker and developer, is responding to claims made by Fortress Real Capital in a release it published earlier this month.
“Fortress is alleging that Landmark is benefiting from this claim. In fact, it’s had a reverse effect. It has created unnecessary fear with investors and given the industry a bad name,” Martino wrote in an email to MortgageBrokerNews.ca. “They also claim that my company, Landmark, is copycatting their structure as if Fortress were the pioneers of the industry. Syndicated mortgages were available years before Fortress became known.”
Martino, who offers syndicated mortgages to clients, is one of the plaintiffs in a case against Fortress. He has invested in a number of Fortress projects; so has his father.
He alleges payments to investors on Fortress-related projects have been delayed.
For its part, Fortress alleges Martino is a competitor and that his suit is self-serving.
“One of the applicants, David Martino, is in fact a CEO of a copycat company attempting to compete with Fortress and brokerages that offer loans to Fortress projects,” Fortress said. “Mr. Martino got his start and the idea for his copycat business as a mortgage broker at one of the brokerages he is now suing, and through which he personally recommended loans to hundreds of lenders.
“In doing so, Mr. Martino received commissions for brokering those loans. Now he is trying to damage the reputation of Fortress and Fortress projects through abusive litigation.”
However, Martino claims his involvement in the claims against Fortress is purely to look out for all investors' best interests.
“I have made being in the public eye and associated with this mess is not something I would normally have wanted to do,” he said. “But I made a commitment to my investors that I will help however I can to protect their investments and ensure the terms of their Fortress investments are honoured.
“As this has included being a plaintiff in one of the actions, I’ve agreed to take on that role.”
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