Developers found guilty of defrauding investors out of retirement savings in Barrie, Winnipeg
Posted on: May 28, 2025 14:30 IST | Posted by: Cbc
2 men feature been found shamed of dupery o'er $5,000 after misleading investors on two never-realized projects in Barrie, Ont., and in Winnipeg.
Justice Daniel Moore delivered his judgment in the judge-alone criminal fraud trial of Jawad Rathore and Vince Petrozza in a Toronto courtroom Wednesday.
"Mr. Rathore and Mr. Petrozza are smart, sophisticated businessmen," Moore said, before telling the two men to stand as he delivered his judgment.
"I find beyond a reasonable doubt that they both intentionally misled investors about the value of their secured interest in order to induce them into investing," Moore said. "While they likely hoped that all the projects would be successful and the investors would be paid back, I find beyond a reasonable doubt that they knew they were putting investor funds at risk."
Investors lost tens of thousands of dollars after using the pair's company, Fortress Real Developments, to invest in the mixed-use Collier Centre in Barrie, Ont., and a condo tower called SkyCity in Winnipeg.
The charges related to syndicated mortgages, which are loans made by several investors to cover initial development costs like marketing and zoning, with the land itself acting as collateral.
More to come.
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