{"id":918547,"date":"2026-10-03T02:32:09","date_gmt":"2026-10-03T02:32:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/918547\/"},"modified":"2026-10-03T02:32:09","modified_gmt":"2026-10-03T02:32:09","slug":"multiple-rental-property-companies-founded-by-former-talk-radio-host-file-for-insolvency","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/918547\/","title":{"rendered":"Multiple rental-property companies founded by former talk-radio host file for insolvency"},"content":{"rendered":"

Multiple rental-property companies founded by Todd Slater, a former talk-radio host and real estate<\/a> investor, have filed for insolvency, according to documents viewed by The Globe and Mail.<\/p>\n

Over the past decade, the Simple Investor Real Estate Group, or SIREG, has purchased existing multifamily rental buildings across Ontario and converted them into condominiums. The company also provided property-management services, including collecting and remitting rent payments to owners. <\/p>\n

Mr. Slater marketed these purchases online and in seminars as a simple way to become a real estate investor, and in many cases, buyers simply purchased a converted condo unit and collected rent. However, others were also sold a riskier option to contribute capital \u2013 and collect high interest along the way \u2013 to a joint venture that would purchase a new rental building and begin the conversion process.<\/p>\n

The Globe obtained an e-mail sent Sept. 18 to SIREG stakeholders warning that future rent or dividend payments were being suspended amid \u201cliquidity challenges.\u201d<\/p>\n

Asset manager grows from ashes of rental scheme\u2019s collapse<\/a><\/p>\n

SIREG has appointed AlixPartners Restructuring Inc. as its insolvency trustee, and Adam Zalev of Reflect Advisors is acting as Chief Restructuring Officer, according to a Sept. 23 e-mail to investors obtained by The Globe.<\/p>\n

That e-mail also said Mr. Slater had \u201cstepped away\u201d from management for \u201chealth reasons.\u201d<\/p>\n

Mr. Zalev declined to comment for this story.<\/p>\n

At least 14 companies associated with SIREG have filed for bankruptcy<\/a>, most of the corporations own individual buildings, according to Office of the Superintendent of Bankruptcy records. <\/p>\n

Marcin Migdal is a SIREG investor who owns a condo in North Bay and has shares in two joint-venture agreements. One $250,000 investment should have been returned to him three years ago, but because SIREG\u2019s property-management payments were still arriving, he didn\u2019t question the health of the company. <\/p>\n

\u201cThey were making payments on my condo,\u201d he said. \u201cWe all thought it\u2019s going to continue. I met an individual who had 14 properties: no missed payments.\u201d<\/p>\n

Mr. Migdal created a website to help organize SIREG investors into legal action against the group. By his estimate, there are 20 condo or rental buildings and more than $100-million in cash borrowed from hundreds of small investors at risk. <\/p>\n

Multiple calls and e-mails to Mr. Slater and to SIREG\u2019s head office over the past week were not answered. <\/p>\n

Collapse of an affordable housing dream<\/a><\/p>\n

Insolvency notices sent to condo owners warn that under the terms of the Bankruptcy and Insolvency Act, they cannot break their property-management agreement with SIREG and begin collecting their rent on their own, though they can apply to a court to be let out of the contracts. <\/p>\n

Court records related to a 2025 civil claim give some indication of potential issues with the joint-venture business model.<\/p>\n

Janvier Kenmoe, who works for the construction union LiUNA (Laborers\u2019 International Union of North America), and Joan Ngasa, his wife, alleged in their statement of claim that they borrowed $500,000 in 2021 using a home-equity line of credit to invest in a joint venture known as SIREG 1-4 Balmoral Inc. (The property is a 158-apartment rental building in Brockville, Ont., that was eventually converted to condos in October of 2025). <\/p>\n

The agreement promised a two-year duration of the contract and a 60-per-cent return over those two years. <\/p>\n

By August, 2025, Mr. Kenmoe\u2019s agreement was three-years\u2019 overdue and he was asking for his money back. His claim quotes an e-mail from Mr. Slater that said there had been delays in getting the building converted and registered as condos and asked for a few days to \u201cfigure out something.\u201d After a few more exchanges, Mr. Slater stopped responding to e-mails in October.<\/p>\n

The civil case claimed that Mr. Slater\u2019s company had not done the \u201cknow your client\u201d due diligence that would have shown that Mr. Kenmoe was not an accredited investor; a legal definition under securities law. Individuals or companies that sell exempt market securities \u2013 such as joint-venture shares \u2013 can face sanctions from securities regulators if investors are not accredited to buy them.<\/p>\n

Analysis: Canadian insolvencies are back to pre-pandemic levels. But something has fundamentally changed<\/a><\/p>\n

The Ontario Securities Commission declined to comment on whether it had received any complaints or had opened an investigation against Mr. Slater or SIREG. <\/p>\n

No statement of defence was filed. The case was settled and is now subject to a confidentiality agreement.<\/p>\n

Simply selling their condos to escape the situation may not be an option, according to Ron Butler, president of Butler Mortgage. <\/p>\n

Mr. Butler has advised several SIREG condo owners that research by his company into some of the buildings revealed serious concerns with the governance and financial health of the condo corporations set up by SIREG. The problems included empty reserve funds, unfinished engineering reports, and in some cases, loans registered to the corporation.<\/p>\n

\u201cThey are completely unfinanceable,\u201d he said. <\/p>\n

No mortgage provider would lend money to purchase an apartment in one of these buildings, Mr. Butler said. That would lead to a cash-only sale and potential losses for sellers. <\/p>\n

\u201cIn our experience, it\u2019s roughly a 66-per-cent price discount when they are not financeable.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Multiple rental-property companies founded by Todd Slater, a former talk-radio host and real estate investor, have filed for…\n","protected":false},"author":2,"featured_media":918548,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-918547","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/918547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=918547"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/918547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/918548"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=918547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=918547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=918547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}