TORONTO – Some of the investors in a failed North York condo deal will be getting their money back after a court ruling Tuesday.
The Ontario Superior Court of Justice has approved a plan to start returning $9 million in residential deposits to those who made condo down payments in the failed deal.
However, investors who put money down on commercial units are not part of the settlement at this point.
Toronto lawyer Meerai Cho is currently facing 75 charges in connection to the multi-million dollar condo fraud investigation.
Cho represented the developer involved in the “Centrium” project – a hotel, condo and retail tower to be built at Yonge and Finch – which fell through earlier this year.
The developer then disappeared and so did the down payments of potentially hundreds of people.
Cho later declared bankruptcy – though she was never supposed to touch the money.
Toronto police said the development seemed like a legitimate project and wasn’t just a front for fraud.
Investigators said only 25 people have come forward thus far but they think more than 100 could have been defrauded.
He added that there could be more than $12 million in losses.
© Shaw Media, 2014