In 2013 Fortress Development had mortgage brokers offer eight per cent interest rates to those who would invest in the Mady Collier Centre in Barrie, Ontario, which many did throwing in their R.R.S.P.'s. In all hundreds of investors sunk $16.9 million into a syndicated mortgage scheme which they were told was secure, which high interest paying and R.R.S.P eligible.
In April, the Mady Collier Centre filed for bankruptcy protection from creditors. Investors who want their money back will have to get in line behind banks and the construction trade.
Fortress claimed the failure to deliver was due to "bad weather, an extra floor added, and the failure of some subtrades."
All this means is that no matter how attractive the prospect, under capitalism, there is no sure thing.John Ayers.
No comments:
Post a Comment