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Failed Winnipeg condo developers face fraud charges in Ontario

An artist's rendering of the since-cancelled SkyCity development in 2013. Handout

A pair of Ontario developers — known in Winnipeg as the proponents behind a cancelled plan to build a downtown skyscraper — are facing fraud charges in their home province following a lengthy investigation, RCMP said.

Jawad Rathore and Vince Petrozza’s Fortress Real Developments was the company behind the SkyCity condo project in Winnipeg — a proposed 388-suite skyscraper that was intended to become the tallest building between Calgary and Toronto.

Read more: Construction permit for Winnipeg SkyCity project expires

The two men have been charged in Ontario as part of Project Dynasty, an RCMP investigation looking into a syndicated mortgage investment scheme — which police described as when two or more people invest in a single mortgage for one property.

Police said the investigation began after a public complaint about Fortress in 2016.

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RCMP are alleging the Fortress founders acted fraudulently as part of a scheme where they didn’t disclose the risks to brokers and investors.

Police say both Rathore and Petrozza face charges of fraud and secret commissions, and will appear in a Toronto court Aug. 3.

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