Highest Canadian Court Confirms Trump Scammed Investors
by Conover Kennard –
Donald Trump, the businessman who conservatives thought would be an ideal choice to become president of the most powerful country in the world, has scammed a lot of people along the way. As president-elect, Trump had to fork over $25 million to settle three lawsuits over his now-defunct Trump University and after he was sworn in, lawsuits are still coming in.
The newest lawsuit alleges that the former reality show star and a real estate development firm misled investors, and that has now been upheld by Canada’s highest court.
The Independent reports:
Sarbjit Singh and Se Na Lee alleged they were sold units in Toronto’s, Trump International Hotel, under false pretenses.
The pair claimed they were misled to believe their investments would see returns ranging from 7.7 per cent to 20.9 per cent. Instead, they said they lost a combined C$1.2m (£732,810).
Instead of the promised returns, the two investors lost a combined $1.2 million, according to the decision by the Ontario Court of Appeal last year, which sided with the plaintiffs in their case against Trump, Talon International Development and former executives of that firm.
The Supreme Court of Canada backed that decision which upheld the lower court’s ruling and decided it will not hear an appeal from the defendants.
Justice Paul Rouleau wrote in a document outlining the case that, “neither Mr Singh nor Mrs Lee were sophisticated investors, in real estate or otherwise” and “both had to borrow heavily from family to finance their purchases”.
Justice Rouleaus continued to write that the “cornerstone” of the plaintiffs’ claims was a document that was presented to each of them outlining the “estimated return on investment”.
Rouleau stated that “as it turned out, the estimates bore no relation to financial reality. The motions judge found as a fact that the estimates were ‘deceptive documents’ and ‘replete with misrepresentations of commission, of omission, and of half-truth’”.
The Ontario Court of Appeal ruled last October in favor of the plaintiffs, ordering that the sale of the unit must be rescinded for Singh and damages must be paid to Lee for “negligent misrepresentation.”
That order stands. With Trump University, promises were made and not kept. There was no ‘education’ at the alleged university. It was a scam. People lost tens of thousands of dollars, most of them thinking that if Trump’s name was tied to it, then it’s a worthwhile investment. That’s sort of what conservatives thought when they voted Trump into power on election day. Trump is plagued with scandals but yeah, he’s a businessman, they said. Meanwhile, he’s profiting greatly from his presidency.
Reprinted with permission from Addicting Info