All that remains of the dream of Winnipeg's tallest tower is a weathered billboard on a surface parking lot and hundreds of investors who doubt they will get their money back. A couple of months later, the RCMP raided six properties, including Fortress's headquarters in the Greater Toronto Area, as part of an ongoing investigation into syndicated mortgage fraud. Carole Skelhorne of Halifax invested $104,000 of her pension into a SkyCity syndicated mortgage. The trustee has warned syndicated mortgage investors that it is unknown whether they will recover any of the money they invested. In addition to the $32 million in syndicated mortgages, there is $9.5 million in priority mortgages, which take precedence for repayment from funds obtained through the sale of the parking lot.

Source: CBC News October 02, 2020 09:56 UTC