Cacoeli Asset Management Inc. et al., Receivership

Cacoeli Asset Management Inc. et al., a group of Ontario-based companies, were placed into receivership on May 23 on application by the Ontario Securities Commission.

The companies operate in the real estate-focused private equity and asset management industries. Their business is to identify undervalued residential real estate properties, usually multi-unit rental apartments, and then purchase the properties for renovation or redevelopment using investor funds.

The OSC has been investigating the companies since December 2023 and found evidence that Cacoeli has been perpetrating a fraud on investors since around June 2021.

In February of this year, Grant Thornton was appointed interim monitor under section 129 of the Ontario Securities Act, and has now been appointed receiver.

Cacoeli has appealed the receivership order.

Counsel is Aird & Berlis for the receiver, Adair Goldblatt Bieber for Cacoeli, Blaney McMurtry for Terra Bona Developments, Scalzi Caplan for Clifton Blake Capital, Gowling WLG for CMLS Financial, Devry Smith Frank for Cosman Mortgage Holding Corp., Stockwoods for MCAP Financial, Levy Zavet for Vault Capital, and Laishley Reed for Pollard & Associates.