Between 2008-2018 Fortress RDI & affiliated brokers raised over $920 million in Syndicated Mortgage Investment Funds. Thousands of every day Canadians invested in these SMI's and many lost their life savings. A syndicate mortgage is a group of individuals who lend money privately to a borrower primarily to help finance the"soft costs" of a real estate developments. The minimum investment for an SMI was $25,000, with cash or with registered funds.
Investors were lead to believe these were safe, low risk investments. After a lengthy investigation, on June 22, 2022 the RCMP charged the principals of Fortress with Fraud and Secret Commissions.
Their criminal trial commenced October 28, 2024 over several weeks, where closing arguments were heard on April 1-2, 2025. The judge is expected to reach a verdict by May 27, 2025. The trial is open to the public. Click here for trial details and updates.
Are you a victim?