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Sentence On February 2, 2026, Justice D Moore delivered his sentence to Rathore & Petrozza. Each are to serve 5 years in prison Each to pay a fine in lieu of forfeiture of $12.2 million payable within 10 years following release from custody A further 5 yrs in prison in default of fine payment A DNA order A 10 year prohibition order pursuant to s.380.2 of the Criminal Code It is unknown at this stage if there will be any restitution for the investors of Collier and Sky City Reason for sentencing read here . Sentencing Submission Hearing December 3, 2025 What is a sentencing submission hearing? A sentencing submission hearing is where the Crown and defence lawyers argue for different penalties after a guilty plea or conviction, presenting aggravating/mitigating factors, while judges consider these arguments, Victim Impact Statements , and reports (like Pre-Sentence Reports) to decide a fit sentence, which can range from fines to jail, often following joint submissions in plea deals or occurring later for more complex cases The following is a Summary of the Sentencing Submission Hearing that took place on December 3, 2025. We would like to thank those who attended in person. The courtroom was standing room only - another room had to be made available due to the overflow. This summary is not an official court transcript. The sentencing will be delivered on February 2, 2026. CROWN SUBMISSIONS Crown counsel Scott Patterson opened by stating that “Rathore and Petrozza’s legacy is that of deceit and greed.” He recommended that each defendant serve 10 years in prison, along with: Either a restitution order for the remaining loss of $26 million ($13M per defendant), or A fine in lieu of forfeiture, requiring the defendants to repay the outstanding amount; failure to pay the fine would result in the defendants returning to custody for an additional term, And a prohibition order under s. 380.2 of the Criminal Code prohibiting them from obtaining, seeking, or continuing any employment or volunteer role that involves authority over another person’s money, real property, or valuable security. After outlining the Crown’s position, Patterson read the Victim Impact Statements from the investor witnesses. He also submitted the Community Victim Impact Statement, which echoed many of the same themes and harms described in the individual statements. The Community Victim Impact Statement can be read here. "Rathore and Petrozza’s legacy is that of deceit and greed”. Scott Patterson Crown Prosecutor Aggravating Factors Identified by the Crown 1. Magnitude of the Fraud – $35 million* Supported by four independent sources: 1. Affidavit of Daniel Sobel, Managing Director, FAAN Mortgages Inc. ( trustee with full access to BDMC records) 2. Tranche schedules listings of all investors 3. RCMP Cpl. Yu’s financial analysis 4. RCMP Cpl. Laroche’s files of all investor forms and data confirming LTV language throughout 2. Material Deceit Security and LTV were central promises to investors. Misrepresentations appeared in sales decks, 9D/FSCO forms, investor training, and promotional materials. The “Real Security, Real Returns” slogan provided false assurances. Personal assurances were made by Rathore & Petrozza to witnesses; ILA was paid for by Fortress. Fortress targeted “mom and pop” investors seeking safe, secured mortgages. 3. Causation and Knowledge Both defendants knew the true “as-is” values. Mortgaging reached 300% LTV, far beyond bank norms. Losses directly resulted from their deceit. 4. Nature of the Fraud Sophisticated, planned, and motivated by greed. Inflated valuations were deliberately sought (including from Petrozza’s cousin Felice). Marketing campaigns targeted both English-speaking and Cantonese-speaking communities. Over 800 investors were affected. The consequences were “devastating and catastrophic.” Mitigating Factor Neither defendant has a prior criminal record. Note that a total of over $80 million in SML funds were raised for both projects however the crown focused on specific tranches of Sky City and Collier to arrive at the $35 million figure. Welcome visitors to your site with a short, engaging introduction. Double click to edit and add your own text. Read More "Fortress was a legitimate business, unlike a Ponzi scheme." Gerald Chan Defence Council for Vince Petrozza Defence Submissions Defence counsel Gerald Chan , acting for Mr. Petrozza, opened the defence submissions and addressed the court on behalf of both defendants. Chan argued that the recommended sentence is “grossly excessive.” Key positions included: Fortress was a legitimate business, not a Ponzi scheme. No trust relationship existed between the defendants and investors; brokers held that duty. Many Fortress projects exited successfully. Investors relied primarily on brokers, not Rathore or Petrozza. Justice Moore challenged these assertions, noting: Witnesses testified they trusted both defendants directly. Rathore and Petrozza participated in sales presentations and broker training. Defence Position on Fraud Amount & Sentence Defence argued the fraud should apply only to the five investor-witnesses, avoiding the mandatory minimum. A conditional sentence with repayment to only those five witnesses, Or, if the fraud applies to all investors (> $1M), a reduced sentence of 3–5 years. Additional Defence Arguments No intention to cause loss-at worst “recklessness.” Many projects were successful; therefore, the model “worked.” There was a level of risk Appraisals were based on a “credible method,” not intended as “as-is” values. The developer (Mady) was responsible for the failures. FAAN’s affidavit should not be relied on; RCMP Cpl. Yu’s tracing was “unreliable.” There was not an element of secrecy. Absence of causation-no direct link that Rathore & Petrozza caused the loss to the investors. Claimed the defendants injected their own funds to save the projects. Defendants have no prior criminal record. "But where did all the investors money go?" Justice Daniel Moore Justice Moore responded with several points, and raised several questions, including: Security is supposed to protect the principal. If there is no security, the principal cannot be recovered. Investors supplied all equity and bore all risk, where the developer Mady did not put up any equity and had a 50% stake in the project. Asked the Defence whether there is any evidence of expenses Mady and Fortress incurred? (The defence replied "no".) Sky City began and remained a parking lot; no value was created. Where did all the investors' money go? What about priority? Were they (Rathore & Petrozza) behind or ahead of investors? (Defence was going to “check”) Security was eliminated through inflated valuations. Personal Circumstances Raised Letters of Support for Petrozza Chan presented two letters of support from Petrozza’s family members. One from his wife, and another from his father. Petrozza is 50 has 3 children. His parents are elderly and hopes to care for them as well as his extended family. It was also noted that Petrozza's early career was with Scotiabank. (note that Chan conveniently failed to mention his previous business with Rathore, Phoenix. Rathore & Petrozza were banned for life from dealing with Securities due to a stock manipulation scheme from 2007-2009 and were fined $3 million.) No Restitution Defence provided no restitution proposal for Petrozza No Fine in Lieu of Forfeiture Defense argued that: Forfeiture should be based on what defendants personally gained, not investor losses. Claimed defendants lacked full control over the funds. Repeated that constable Yu’s information is unreliable on criminal sentencing or liability. Justice Moore responded with several points, and raised several questions, including: There is no other suggestion that there were other operating minds of Fortress other than Rathore & Petrozza? The defense replied “No”. Tranche schedules are accurate, registered documents. “ What about tranche schedules? Are you saying that I can’t rely on the tranche schedules- that means Fortress didn’t get that money? Where would the money go?” The defence responded: “What did they receive personally is my submission. The test is what came into the offender’s possession or control.” The judge responded: “ Aren’t they in control of the company?” Prohibition Issue Defence argued that would be an issue as they would not ne able to seek gainful employment and stated “ This is not a case where the defendants handled the victims funds.” Distinguishable? Justice Moore asked Chan if the defendants are distinguishable in relation to a fine or restitution, and the sentence since profits were split 80% Rathore and 20% Petrozza. Chan responded that it should be the same sentence/fine for both. "Fortress was a lawful and successful business, and that in no way was it a scam." Scott Fenton Defence Council for Jawad Rathore Read our Fortress Project analysis here. B ased on court and trustee records the total loss to date to investors is $420 Million. Is this success? Defence counsel Scott Fenton Defence counsel Scott Fenton, acting for Mr. Rathore, continued with the defence submissions and stated that he adopts Chan’s positions. He stated that his client maintains his innocence and has respect for the court, and that Rathore feels badly for the investors losing their money. Fenton raised several factors: Fortress was a lawful and successful business, and in “no way” a scam. He added that: Rathore & Petrozza deserve recognition for the projects that were successful. Fortress had a standard financing model where they would get SMLS (investors money) for the soft costs. It was not a Ponzi scheme, and unfortunately those projects failed. The Judge asked: “Did they all have a model where the developer got 50% with no money down?” (No answer from Fenton). Defence continued: Rathore genuinely wanted the projects to be successful and pay back the investors. SML’s were not safe, & that they were speculative. Investors were told their loan ranked no more than 2nd, subordinated by construction loans. The judge asked: “Did you not see the promotional material and forms?” . Fenton replied: “OK, the form had a mistake. I’m saying it’s relevant to moral culpability.” Fenton continued: “How does the court sentence Jawad and Petrozza when most of the projects were successful?” The Judge replied: “When you’re dealing with people investing in mortgages, the value is important if the project doesn’t work.” Singular feature between Collier and Sky City was Mady, the developer, as Mady went bankrupt. The judge asked “Don’t developers invest capital in the project they’re building?” "Did you not see the promotional material and forms?" Justice Daniel Moore View examples of the Fortress Promotional Material here About Jawad Rathore & his family Jawad is 49. Has no criminal history. Although Fenton did not produce any letters for Rathore, he explained that Rathore has 6 young children, 3 of which have learning disabilities, and their mother has an auto-immune disease. He also has elderly parents (mother has early-onset dementia). No Submissions for Repayment for Jawad Rathore Fenton was asked by the judge if Rathore has any submissions for Rathore’s ability to repay the victims.Fenton stated he has no submissions for repayment. Crown Closing Statements Patterson emphasized: There was a breach of trust: the defendants created the business model and financing scheme. They knew opinions of value were not “as is”. They withheld the truth and lied directly to their investors. There is a direct line between their activities and the risk.They told the LTV was never to exceed 80%. They knew it was not secure, and mortgaged loans up to 300%. Investor losses stemmed directly from the defendants’ actions, not from Mady. Rathore & Petrozza controlled the flow of investor funds.FAAN’s records are consistent and corroborated. Statement by Jawad Rathore Rathore spoke briefly (without addressing victims): “I’m speaking on behalf of myself and Mr Petrozza. Vince and I started this business 16 years ago. We always had the best intentions for all stakeholders. When we took projects it was with intentions of them being successful. We just wanted to share with the court that we had the best intentions. We appreciate the opportunity”. Next Court Date Sentencing is scheduled for February 2, 2026. The court will attempt to make Zoom available. More details to follow.

2019 年 10 月 4 日 反对 This protest 举行于 the 安大略省立法议会， Queen's Park，多伦多。 抗议 take place 强调以下内容： 提高公众对安大略省监管机构在银团抵押贷款投资方面未能保护公众的意识（这影响了加拿大各地的投资者） 警告公众他们也将成为欺诈的受害者，除非监管机构通过主动拦截肇事者而不是被动和投诉来彻底改变他们的流程、调查和处罚。 要求增加警方调查白领犯罪的资金。 提高公众对 VOSMI 的认识，鼓励投资者挺身而出加入我们的团队 强调自由党、进步保守党和新民主党没有采取任何行动来表示对 16,000 名欺诈受害者的支持或宣传。 （14,000 名堡垒受害者和 1600 名一级受害者） 非常感谢来自绿党的 Roy Long，他花时间向投资者讲述了他对 white collar crime 的担忧，特别是对老年人的担忧。 )ver 80 名成员出席皇后公园抗议活动！由于 Andrew Scheer 在附近，我们走到他的公共汽车上， hopping 表达了我们的担忧。我们 waited over 2 小时见他——然而他从后门溜了进去。

VOSMI is an information & resource website for Fraud Victims of Syndicated Mortgage Investments, related to Fortress Real Development Syndicated Mortgages. VOSM I is a non-profit group 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 information, raise awareness, and support one another. Fortress Real Developments raised over $920 million in syndicate mortgage investments from 14,000 "mom & pop" investors between 2008 and 2017, to help finance over 50 development projects. Investors were led to believe these were safe, low risk investments. After a lengthy and complex investigation which began in 2018, the RCMP charged the principals of Fortress on June 22, 2022 with Fraud and Secret Commissions. On May 28, 2025 the duo were found guilty of fraud. They were each sentenced to 5 years in prison, and served a fine. Read here for further details on the sentencing.Rathore and Petrozza are appealing the decision while they are currently on bail. Guilty of Fraud Read More Vince Petrozza and Jawad Rathore were the co-founders of Fortress Real Developments. Fortress partnered with over 25 real estate developers on over 50 projects. Read the timeline to learn more about the Fortress Syndicated Mortgage scheme. Timeline "I find beyond a reasonable doubt that they both intentionally misled investors about the value of their secured interest in order to induce them into investing." Justice D. Moore FORTRESS TRIAL R. v Rathore & Petrozza The Real Numbers 14,000 investors The number of Canadians that invested in Fortress Real Developments syndicate mortgage loans $920 Million The total amount raised by Fortress Real Developments from the syndicate mortgage investors $420 Million Total funds lost to date by the Fortress syndicate investors.

Class Action Law Suits Lawyers Mitchell Wine, of MSTW Professional Corporation and Margaret Waddell of Sotos joined forces in prosecuting five proposed class actions relating to syndicated mortgage loans (SMLs) promoted by Fortress Real Developments Inc. and Fortress Real Capital Inc. Details of the proposed class actions, as well as statements of claims, and settlements can be found on the Sotos website. (search Fortress). The actions relate to the SMLs registered on five different real estate developments: Collier Centre – (2012 syndicated mortgage loan only) Progress Manors Ten88 Sutton/The Link Harmony Village Lake Simcoe/The Kemp Orchard Calgary – only in respect of the charge registered as Registration No. 141 112 373. CURRENT PROPOSED CLASS ACTIONS PARTIAL SETTLEMENTS There have been 5 partial settlements thus far. Please refer to the Sotos website, (search under cases/Fortress) or the FAAN website for details https://www.faanmortgageadmin.com/fortress/english . Sutton/The Link Settlement BDMC and Ildina Galati Estate FFM, Rosalia Spadafora, and Saul Perlov FMP, Tonino Amandola, Michael Daramola, and Graham McWaters Derek Sorrenti, Grant Morgan, and Sorrenti Law Professional Corporation It is important to understand that a class action certification hearing the initial procedural step where a judge will determine if a lawsuit can proceed as a class action law suit. The judge will not decide the merits of the case, but will decide if the claim has a valid cause of action, a defined class, common issues, a suitable representative, and is the preferred method for resolution. UPCOMING CERTIFICATION HEARING FEB 24-26, 2026 Outstanding claims against Fortress Real Developments and the Appraisers (for Progress Manors/Ten 88 & Harmony Village Lake Simcoe/the Kemp only) will be pursued in an upcoming class action certification hearing from Feb 24-26, 2026. To attend the hearing via zoom, please register here: When : Feb 24, 2026 10:00 AM Eastern Time (US and Canada) Topic: MCDOWELL v. FORTRESS REAL CAPITAL INC. et al | CV-16-00560268-00CP Register in advance for this webinar: https://ca01web.zoom.us/webinar/register/WN_rjWIh5YRQKa45NGD4QFKVA How can I get my money back? Many investors have asked us how they can get their money back. We have carefully looked at various avenues for recovery. Other Class Action Pursuits An investigation team comprised of a lawyer, researcher and a forensic accountant had worked diligently with the help of Rose Ray , to create a report that would be used to highlight potential law suits pertaining to Fortress. A potential Class action lawsuit against Lamb Development Corp was filed, however unfortunately the law firm Groia advised they were unable to pursue the lawsuit further. Archived communications regarding this endeavour can be found here . Another law firm, Kallochlian Myers LLP filed a Statement of Claim in 2020 against Olympia Trust Company for the registered funds investors. However, on June 19, 2023, the Court of Appeal for Ontario has dismissed the appeal of the order dismissing the motion for certification. A copy of the decision is available here . If you are an investor who has approached a law firm regarding a class action law suit against other Fortress related parties not mentioned on our website, please let us know. 集体诉讼 调查组 包括 律师、研究员和法务会计师 在 Rose Ray 的帮助下辛勤工作，创建了一份报告，用于突出与 Fortress 相关的潜在法律诉讼。已提起针对 Brad J Lamb Realty Inc./Lamb Development Corp 的潜在集体诉讼，但不幸的是，Groia 律师事务所决定他们无法进一步提起诉讼。 可以找到有关此努力的存档通信这里 .如果您是一名投资者，曾就针对我们网站上未提及的其他 Fortress 相关方提起的集体诉讼与律师事务所接洽，请告知我们。 据我们所知，目前有 2 个律师事务所团队正在提起集体诉讼，这可能会使 Fortress RDI 银团抵押贷款的一些投资者受益。详情如下。

How to contact us, whether you have a general inquiry, or whether you are an investor. 投资者/一般查询 我们的注册流程将很快可用。请在下方填写您的信息，我们会尽快回复您。谢谢。 谢谢。我们会尽快给您回复。 发送

Fortress Promo Material The following are examples of the promotional material used by Fortress in promoting syndicated mortgage investments. Collier Termsheet Termsheet for the Collier project which was presented to the Syndicate Mortgage investors. Notice the terminology: "Face amount of your investment is fully Registered & Secured via a charge against the property." Sky City Ternsheet Similar features are repeated in this term sheet which was provided to the investors. Note that the theme of these promo materials are the same across all of Fortress projects. "Face amount of your investment is fully Registered & Secured via a charge against the property." This project began as a parking lot, and ended as a parking lot. Where did all the investors money go? Services This is your Services section. This is a great place to give more information about the services you provide. You can write a general description of what your business offers then add more details below. This section can be adapted for your website. You may choose to highlight other things like courses or programs, or to share special features about your business that you want to promote. Double click on the text box to edit the text and make it your own. Custom Project Personal Solution Planning Expert Guidance Package

VOSMI is a group of investors of Syndicate Mortgages through Fortress Real Developments Inc. We are sharing our stories, and joining together so that our voices can be heard. 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. 我们被承诺： 抵押贷款期限结束时偿还本金 赚取 8% fixed 利息 with principal secured 投资以有形财产的安全为后盾，就像银行提供定期抵押贷款一样 抵押贷款期限结束时偿还本金 符合 RRSP、TFSA、LIRA 资格 安全低风险投资 我们发现了什么： 投资风险高 当前的“原样”值严重膨胀 贷值比超过100%，最高超过300%。在这里阅读更多 . 失败的项目（例如 Collier、Harmony）导致没有剩余资金来偿还辛迪加投资者（即 VOSMIS） 投资不符合 RRSP 资格 独立法律咨询费用由 Fortress RDI 支付 未披露的 35% 佣金费用已从投资者的本金中扣除 中期停止支付 8% 的利息 从投资者的本金中扣除 8% 的费用 这听起来很熟悉吗？ 如果您是欺诈的受害者，请知道您并不孤单。加拿大犯罪受害者中心创建了一个极好的资源来支持欺诈受害者。 “帮助欺诈受害者恢复”是必读的。 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? Helpful Resources Join our private VOSMI group on Facebook. Sign up for our Newsletter! Helpful victim resources from these sites: CRVC (Canadian Resource for Victims of Crime ) Navigating the Justice System Helping Victims of Fraud Recover The Serious Fraud Office Ontario-Victim Resources “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. ‘The forgotten impact’: Helping victims of financial fraud deal with emotional distress CTV News Sep 6, 2025- Pat Tenney

2019 年 9 月 13 日 我们于 2019 年 9 月 13 日举行了第一次抗议。 参与者包括 Fortress 投资者，以及 Tier 1 投资者，因为这两个群体的投资者都被安大略省的监管机构拒绝了。 80-100名抗议者参加！但我们不会就此止步。我们的下一个过程定于 2019 年 10 月 4 日在皇后公园举行。 在此处阅读 Nick Boisvert 的 CBC 文章 .

探索服務並與我們聯絡 我們的服務 01. Custom Project Unleash your unique vision with our bespoke service, designed to bring your most ambitious ideas to life. We collaborate closely to define project scope, requirements, and deliverables, ensuring a tailored approach from inception to completion. This service is perfect for initiatives that require a one-of-a-kind solution and specialized execution. Experience innovation and receive an outcome precisely matching your distinct needs. 顯示更多 02. Personal Solution Planning Discover tailored strategies designed specifically for your individual needs and goals. Our process involves in-depth discussions to fully understand your unique situation and aspirations. We then develop a clear, actionable plan to help you achieve desired outcomes efficiently. Benefit from personalized attention and expert advice crafted just for you. 顯示更多 03. Expert Guidance Package Navigate complex challenges with our comprehensive guidance package, designed to provide clarity and direction. We offer expert insights and strategic recommendations based on extensive industry knowledge. This package ensures you have the support needed to make informed decisions and move forward with confidence. Achieve your objectives with a clear roadmap and expert-level support. 顯示更多

达里尔莱维特法 Darryl Levitt 在安大略省执业，同时在南非拥有律师资格。 他的专长领域是公司金融、能源和白领犯罪调查。 Darryl 参与过许多备受瞩目的项目，包括价值 550 亿美元的加拿大石油公司和 Suncor 的合并、First Uranium 的 2.65 亿美元首次公开募股、Pelawan 的 RTO 以及 1.65 亿美元的并行融资。 他还处理过公共利益事务，包括最近的埃塞俄比亚航空空难，以及一起大型跨国证券法违规案件和举报人备案。 在开始自己的执业之前，Darryl 是两家跨国律师事务所的高级律师。 Darryl 一直被独立的 WWL 认可为同行和客户在其执业领域的领先全球从业者。 达里尔莱维特法 法律顾问 德勤大厦 400 阿普尔伍德新月套房 100 旺市 打开，L4K 0C3 Darryl@darryllevitt.com 接待处：905-482-8089

2020 年 4 月 1 日 观看下方 Rose Ray 关于潜在集体诉讼进展的最新更新。 此外，如果您能够资助与诉讼相关的调查和研究（诉讼是否可行），请完成此形式 .您可以通过信用卡付款（链接将带您转至 Paypal），或者您可以在完成表格后通过电子转帐至 info@vosmi.ca 。 谢谢你！