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Toronto Condo Owners Should Get Involved on Committees to Keep An Eye on Property Management to Avoid Possible Fraud

Not all Toronto Condo Management firms are created equal.   As a Toronto Condominium owner we often wonder if our condo fee's are being spent wisely? 

Well, some of our nightmares have come true with one management company.   A fairly large Toronto Condo Management firm allegedly defrauded condo owners of millions of dollars back in September 2011 and a year later as the dust settles its now payday for many of the Condo Owners.   At least seven corporations are believed to be victims from Toronto to Mississauga:

In our market place - buildings that were affected:


25 Grenville St (3 Million)
10 Markbrook Lane - Etobicoke (approx 4.5 million)
236 Albion Rd - Etobicoke (5.5 million)
2121 Roche Court - Mississauga (Condo Fee's increased 25% over the past recent years and still have an outstanding loan amount of about $900,000)

25 Grenville St., a luxury condo with about 200 units in downtown Toronto, alleged that Khan registered a fake bylaw without the board’s knowledge that authorized him to borrow more than $3 million against the property, according to court documents. That money was allegedly funnelled into a separate bank account.

One resident said owners collectively had already been asked to pony up $300,000 in special assessment fees.

“It was a hardship,” said the resident, who did not want to be named. “We were told we probably will have another $100,000 assessment over the winter.”

Read more
http://www.thestar.com/printarticle/1250545

 

 

 

 

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