A new web series exploring white-collar crime in Canada has its definitely sights set on a recent headline-grabbing épigramme that saw about 14, 500 Ontarians bilked out of hundreds of millions ture of dollars.
The series, Capitalisms—which is depending on a GoFundMe page to cash its production—intends to focus its the first thing is season, entitled “Fortress, ” towards the alleged syndicated mortgage fraud perpetrated by Fortress Real Developments, rigid its two directors, Jawad Rathore and Vince Petrozza pocketed nearly 17% of $920 million elevated, and the toll its taken referring to investors’ lives. According to a press release services, the season will also profile experts moreover whistleblowers—including Ben Rabidoux who efficaciously fought a defamation suit times Fortress Real, albeit at a superior financial cost he’s yet to actually recoup—who claim they were bullied as well as threats and legal intimidation.
Rathore and after that Petrozza were fined $250, 000 in September by the Financial Services Regulatory Authority attached to Ontario (FSRA) , successor with your disbanded Financial Services Commission of Ontario (FSCO) that initiated proceedings.
Bryan Bakker, Capitalisms’ producer and director, hopes to highlight how victims of such type of flagrant crimes are short-shrifted by legal system.
“This series, more than any item, is about exploring the disparity between the simple rules for the 1% and the rules through-out us; the Capitalisms that divide us, ” he said by the release.
David Franklin, a Toronto-based counsel, has long been critical of the regulatory physiques he believes failed to protect investors from the alleged Fortress Real fraud, which he previously told GROUP is writ large in the miniscule fine the company received.
“That is marvelous, how in God’s name would be able to they do that? That shows you which usually even FSRA isn’t doing precisely they’re supposed to be doing because there can be a major penalty, ” said Franklin. “The fine is a joke and took away their credibility. It’s a particular insult, given all the stuff that’s been involved in the media. What’s the purpose of FSRA? The encourages people to commit illegal performers because the penalty was so simple. ”
A request is also in blood circulation to open a provincial inquiry back into what it asserts is FSCO’s broken handling of the alleged fraud, jotting there was mounting evidence the company exploited syndicated mortgages to enrich its stage directors, and failure to protect investors.
“[It] demands an independent public ask to investigate FSCO’s handling of A kind of fortification and affiliate brokerages for syndicated mortgage complaints and its failed accountability to protect the investors, ” asserted Corinne Sutej, a former HR through living in Ottawa who says she misplaced $25, 000 on a Calgary-based task called The Orchard.
“We’d also like them to consider the executives, from the top lessen, of the licencing and market take on division, the investigative team, as well as her procedures, what their escalation in addition complaint processes were, risk management, and thus adherence to legislation, ” Sutej added.
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