First Leaside Group of Companies

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Re: First Leaside Group of Companies

Postby kcowan » 10 Nov 2011 14:16

Companies like these need to be regulated. But then so do the Nigerian fundraisers.
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Re: First Leaside Group of Companies

Postby mpav » 10 Nov 2011 15:14

pitz wrote:
mpav wrote:If you are intent on owning property, do so yourself and manage it yourself.


In defense of a investment like First Leaside (but not First Leaside specifically) -- few individuals have enough resources to actually purchase the types of properties that First Leaside held in their portfolio, nevermind manage them.

From reading the report, the problems faced by First Leaside would also apply to a residential property investor -- the assets that are available in the marketplace are very overpriced relative to the long-term cashflow they provide. In many cases in FL's portfolio, the cashflow is actually quite negative. Which is a situation faced by many landlords in the GTA these days.

In those reports, I failed to see substantive evidence that FL's management was, in any way, crooked. Their assumptions were just tragically flawed, much like most homeowners in Calfornia believed that RE appreciation is perpetual.



Resources? Do you mean capital? If so you can buy a REIT. If you dont have enought capital to buy a commerical property outright, then you want to take part in something that is liquid, regulated, and has some type of oversight (equity market analysts etc.). If you dont have much money, and go into the private investments you will get creamed.

These companies pool resources to buy properties, risk is with the investor so they of course overpay. Again it aint their money.

I own several smaller properties and it is work, and it is challenging, so goes back to the princple if it sounds to good likely is....

I think these companies pray on peoples desires to "own" land/buildings as it is a big sign of wealth, also people will give money away if it means no work....I suspect lots of hard working people put money into these types of structures and just get killed.
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Re: First Leaside Group of Companies

Postby Shine » 11 Nov 2011 01:47

kcowan wrote:Companies like these need to be regulated. But then so do the Nigerian fundraisers.


I recall that David Baines (Vancouver Sun) did a article on this company but I can't find it on line tonight.

His columns are excellent.
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Re: First Leaside Group of Companies

Postby wasinc » 20 Nov 2011 21:28

I am wondering about how long Leo de Bever has been a director of First Leaside. Does anybody have any idea when he became a director?
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Re: First Leaside Group of Companies

Postby vince2 » 23 Feb 2012 23:10

'A slow death to those who become slaves of habit, who repeat the same track every day, who do not change pace, who do not risk and change the colour of their clothes, who do not talk and who do not learn.'
Pablo Neruda
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Re: First Leaside Group of Companies

Postby mpav » 24 Feb 2012 10:31

I hope the individual investors can at least recoup some of the investment. The assets seem very leveraged so hopefully they can get 50cents or more on the dollar.
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Re: First Leaside Group of Companies

Postby Pickles » 28 Jun 2012 18:18

From today's Globe:. Http://www.theglobeandmail.com/report-o ... 4376884/No wonder they were so desperate for capital ; the boss man was making withdrawals.
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Re: First Leaside Group of Companies

Postby mpav » 29 Jun 2012 17:32

He is looking at jail time for this....bad corporate strategy/structure is one thing, but these guys seem to have crossed the line.

Hopefully they do get punished harshly.
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Re: First Leaside Group of Companies

Postby pmredmonton » 30 Jun 2012 11:07

Good job by FWR community to sniff this one out before the auditors.
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Re: First Leaside Group of Companies

Postby constant » 16 May 2013 11:30

Sutts, Strosberg LLP is currently investigating the circumstances surrounding the collapse of the First Leaside Group of Companies, subsequent the August 19, 2011 Grant Thornton report advising that the First Leaside Group of Companies had weak financial controls.

Sutts, Strosberg LLP is evaluating a possible class action on behalf of all persons who purchased the securities in or used any of the investment vehicles of the First Leaside Group of Companies, subsequent August 19, 2011.

Persons who purchased the securities in or used any of the investment vehicles of the First Leaside Group of Companies subsequent August 19, 2011 are encouraged to contact Alex Constantin of Sutts, Strosberg LLP. Mr. Constantin can be contacted by telephone at (519) 561-6231 x 231, or by email at aconstantin@strosbergco.com.
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Re: First Leaside Group of Companies

Postby Arby » 30 Sep 2013 17:18

First Leaside executives penalized in real-estate securities scandal

Two senior executives of the First Leaside group of companies have been barred permanently from the brokerage industry and fined for various securities violations, including placing clients in unsuitable high-risk investments and distributing misleading marketing materials. ...Along with the permanent bans, IIROC imposed fines of $2 million on Phillips and $500,000 on Wilson. ....
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