Ontario investors turn to police after $3M disappears in alleged construction fraud | CBC News

Investors in Ontario report losing hundreds of thousands of dollars after investing money with Majde Fanous, a former vice president of operations at a Toronto property management company. A London business owner says he and a partner lost more than $600,000 after placing funds into construction and renovation contracts, based on promises of repayment of principal and profits. He says Fanous used his position and project documents to persuade investors, then accumulated funds and disappeared. He has identified about 20 other victims and estimates collective losses at $3 million, though the figure is not independently verified. Police are investigating, and the company says it was unaware of any alleged misconduct and that Fanous is no longer employed there.

"A London, Ont., business owner Ammar Abdelhadi says he and his business partner are out more than $600,000 after they put money in construction renovation contracts with Majde Fanous, who, at the time, was a vice president of operations at Signet Group. Abdelhadi alleges Fanous used his position at the company and documents tied to construction projects to convince him and others to invest their money, promising they would receive both their initial investment and profits in return. "So far, we haven't got any of the principal or the profit that we were promised back. And then as he accumulated all the money, he just disappeared," Abdelhadi said."

"He said he has connected with 20 other victims so far and believes there could be others, and believes the group's collective loss amounts to $3 million. CBC News has not independently verified that estimate. CBC News has attempted to contact Fanous multiple times through several emails, phone calls and text messages, but has not been able to reach him."

"A Signet Group spokesperson declined an interview request but said in a statement that Fanous is no longer employed with the company and that during his employment, "the company was not aware of, nor connected in any way to, the claims he is alleged to have been making." "The allegations against Majde Fanous are serious and deeply troubling and we are urging anyone with information on this matter to reach out to investigators," said Danny Roth. Roth did not respond to follow-up questions about how long Fanous was employed there."

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