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- K&M Venture Capital Group Inc., Receivership
K&M Venture Capital Group Inc., Receivership
K&M Venture Capital Group Inc., an investment vehicle used by embattled investor Doug Grozelle, was placed into receivership on February 13, on application by Grant Thornton as Grozelle’s receiver.
Grozelle — once the lead singer of a Burlington, Ontario punk band — was in the business of soliciting investment capital and borrowing money from individuals and small private holding companies.
It is estimated that, between November 2020 and October 2022, Grozelle raised at least $15 million from approximately 140 lenders by promising them above market rates of interest and a quick return of their capital.
In the majority of cases, Grozelle transferred the monies raised to private investment companies, including K&M Venture Capital Group, which received at least $4.4 million in lender funds over a series of 75 transactions undertaken between September 2021 and October 2022.
Grant Thornton is the receiver.
Counsel is Miller Thomson for the receiver, Klotz & Associates and Masterson Law for the applicants in the Grozelle receivership, TWL Law for Doug Grozelle and Ross Grozelle, and Necpal Litigation for K&M Venture Capital Group et al.
By: Dina Milivojevic