Revenu Québec Raided Romspen Toronto Headquarters! Investigation Revolves Around One Of Their Insolvent Borrowers.
Revenu Québec raided Romspen headquarters in the Toronto office of private mortgage lender Romspen. The raid was part of an investigation related to the insolvency of one of their borrowers.
Revenu Québec Investigators entered Romspen headquarters office in Toronto several weeks ago. The Globe and Mail is reporting that investigators instructed employees to leave the premises.
An army of investigators reportedly conducted a search of the headquarters. They also had several Toronto police officers stand guard at the entrance of the building to prevent anyone from entering. Police also blocked the entrance of Romspen co-founder Arthur Resnick.
It is unclear how much money Romspen loaned the client. However, that is reportedly not the focus of the Revenu Québec investigation.
Romspen has faced difficulties in recent years due to the slow down in real estate development market.
In November 2022, the company reported defaults totaling $333 million, citing issues with loan repayments. They are also having issues paying investor redemptions since early 2020. Prior to the pandemic, Romspen had $3.2 billion in assets under management.
The investigation is allegedly linked to a group of real estate development companies established by the Basal family in Montreal. The Basal family had previously borrowed money from Romspen for several projects. Revenu Québec stated they have been investigating these companies for several years.
Check Out These Government Websites If You Feel You Are A Victim Of Investment Fraud By Romspen.
How To File A Complaint In Canada:
Contact The Canadian Investment Regulatory Organization (CIRO) At 1.877.442.4322 For More Information. You Can Also Email Them At complaints@mfda.ca
If That Doesn’t Work, Contact Deputy Prime Minister And Finance Minister Chrystia Freeland:
You Can Also Contact Her Office On Parliament Hill At 613.992.5234 Or Her Office At Her Toronto at 416.928.1451.
If All Else Fails, Contact Opposition Leader Pierre Poilievre’s Office In Ottawa:
Email: Pierre.Poilievre@parl.gc.ca
Call His Office At 613.992.2772 (Parliament Hill) or 613.692.3331.
If You Are An American Citizen. Contact These Federal Agencies:
You Can File A Complaint With The Securities And Exchange Commission By Clicking Here.
Also, You Can File A Complaint With The Federal Trade Commission By Clicking Here
In Addition, You Can File A Complaint With FINRA By Clicking Here
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