Ontario Securities Commission and Investigation

investigation: It has involved lawsuits and counter suits, an investigation by the Ontario Securities Commission and even the disappearance and apparent death of the investors’ first lawyer, Javad Heydary, after more than $3 million in trust funds was found to be missing from his downtown law firm, according to The Toronto Star. Just two buyers’ cases will be before the court in Thursday and Friday motions for summary judgment — a legal route aimed at fast-tracking lawsuits, where appropriate, so that they don’t result in unduly lengthy and costly trials. The case is a complex one dating back to 2012. The two plaintiffs will act as test cases for the 22 other, similar, cases and are seeking damages ranging from about $200,000 to $1 million, based on their individual losses. The cases claim a gross misrepresentation by many involved in the glitzy, oft-delayed hotel project at Bay and Adelaide. Affidavits filed so far on behalf of buyers Andrew Lee, 45, of Richmond Hill and Sarbit Singh, 51, of Milton, paint a detailed picture of how the costly Trump units — the most expensive condos per square foot in Toronto back in 2007 — were marketed like Hollywood gold to naïve, first-time investors who have since racked up tens of thousands of dollars in losses. (news.financializer.com). As reported in the news.