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 at 1- Armoury St, Toronto.
Click here for trial details and updates.
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