CALGARY- Some angry investors have finally got back some of the money that they invested into a real estate investment company that went bust.
In the early 2000s, more than 3,000 people poured about $170 million into Concrete Equities as real estate prices became red hot. But following the recession, the company was placed into receivership in 2009 and investors thought they’d lost all their money.
But on Friday, more than $5 million was given back, thanks to Avenue Commercial taking over the portfolio.
“The underlying assets were neglected and badly run, so by leasing them back up and creating more income for everything and of course the increase in the values of the market going up, that helped us too,” explains Stephen Butt from Avenue Commercial.
The principals of Concrete Equities were convicted of securities laws violations, including misleading investors. RCMP are currently investigating.
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