Are YOU a VOSMI? You're not alone.
We were promised:
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8% fixed interest with with principal secured
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Investment's backed by the security of the physical property much like a bank with a regular mortgage
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Repayment of principal at end of mortgage term
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RRSP, TFSA, LIRA eligible
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Safe & Low Risk Investment
What we discovered:
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The Investment was indeed high risk
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The Current "as is" value was Grossly inflated
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The Loan to Value Ratio exceeded 100% up to over 300%. Read more here.
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Failed projects (eg. Collier, Harmony,) resulted in no funds remaining to repay the syndicate investors (ie VOSMIS)
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The independent legal advice was paid for by Fortress RDI
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Undisclosed commission fees of 35%, were deducted from investor's principal
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8% fees were deducted from the investor's principal
Questions about your particular project and investment with Fortress? Please contact FAAN Mortgage Administrators. They were appointed by the courts as trustee over all of the Fortress projects.
Linda
"I was ashamed that I was duped into doing this investment - I thought that I was smarter than that. This just proves how we were conned."
Andrew
“The way it was sold to me – and I think everybody – is... you’d be a fool to not want to invest; it was so lucrative. This was a no-brainer. You were investing on real properties and developments. Back then, there was a big condo boom, especially in the Greater Toronto Area (GTA)”
you are not alone
Thousands were affected. Together, we stand stronger
you are not to blame
The responsibility lies with those who orchestrated the fraud.
Justice takes time
The legal process can seem slow and frustrating, but every step brings the truth forward.
your feelings are valid
Anger, grief and frustration are natural. Healing takes time.
Your feelings are valid. You are not alone.
We created a word cloud with our investors emotions and reactions as they navigate through this emotional and financial journey.
Do these emotions and thoughts resonate with you?
About
VOSMI is a non-profit organization formed by victims of the largest mortgage investment fraud in Canada's history. We are the individuals directly impacted by the Fortress Real Developments Inc syndicated mortgage fraud, coming together to share resources, raise awareness, and support one another. Are you a victim? You are not alone.
Our group was first formed on Facebook in 2018 by a victim of the Fortress fraud who felt she had to connect with other Fortress investors. Slowly, the group grew to over 800 members, with hundreds of additional subscribers on our website.
We hope this website provides victims and their families with some resources, information, and support.
“There’s this unfair sense from others who hear these stories that these people should’ve known better, and that’s unfortunate because every one of us in this day and age is susceptible.”
Vanessa Iafolla, Anti-Fraud Intelligence Consultant.