this post was submitted on 14 Jun 2024
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Ontario landlords who owe investors $144M 'misappropriated' funds for 'extravagant' expenses: court report (www.cbc.ca)
submitted 4 months ago by [email protected] to c/[email protected]
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As their real estate business was failing, a group of Ontario landlords spent millions of dollars of investors' money on "extravagant" expenses, ranging from renting a luxury vacation home in Hawaii, to footing a $5,000 Miami strip club bill to flying on private jets.

Those are among the findings of KSV Advisory, a court-appointed monitor given special powers by Superior Court to investigate the web of corporations linked to four landlords:

Former YTV actor Robbie Clark. Hamilton-area real estate agent Dylan Suitor. Burlington business owners Aruba Butt and Ryan Molony.

Their 11 corporations currently have bankruptcy protection from over 30 lawsuits after they failed to pay back over $144 million borrowed from investors.

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[–] [email protected] 30 points 4 months ago

White collar criminals misappropriate money.

Blue collar criminals steal money.

Poor people commit robbery, even if it's just a bottle of liquor.

[–] [email protected] 5 points 4 months ago

The only people I want to suffer more than landlords are investors in landlords

[–] [email protected] 3 points 4 months ago

Fools, don't they know you need hundreds of shell numbered companies so no single amount ever gets that high and no one actually pays attention to it?