Wednesday, September 28, 2011

Toronto condo owners allege massive fraud - Toronto - CBC News

Toronto condo owners allege massive fraud - Toronto - CBC News
In a statement of claim they say Manzoor Moorshed Khan, director of Channel Property Management, was the mastermind of the alleged fraud that included falsifying documents to obtain loans in a condo's name and rigging tender processes to funnel contracts to companies he directed.

In his statement of defence, Khan denied all allegations. CBC News could not reach Khan or anyone at Channel Property.

Thanks to Mark Paszkiewicz for this link, who says, "No consumer protection exists for condominium home owners in Ontario... and it shows." To learn more about condo affairs up north, Mark advises us to check out the Condo Information Centre, and CAFCOR, the Canadian Alliance for Condominium Owners' Rights.


Cynthia said...

This mess has been going on in Canada for an eternity, it seems. Some of the early info, etc..was documented on, some years back(8-10 years) maybe, it really sttred to show up. Too bad, does not seem to be available on the web anymore.

Anonymous said...

The scam is in the U.S. as well. Industry reps push getting the HOA board to borrow money. They will push and push the idea that the BOARD should be able to borrow large amounts of money without the consent or consideration of the members. Ultimately, of course, the homes of the members are the security for the loan. Some of the terms are pretty insidious. For example, the management company will advise, and the aligned bank will demand, an outright assignment of the right to collect assessments. No doubt you will be hearing more about failed HOAs and condos that borrowed money without the consent of the homeowners and have turned the place into a foreclosure mill as a result.

Toronto Security Guard said...

A very informative article...