Robert Campeau Development, Houston, TX
Real Estate Commercial Dispute Increased operating costs but no sales How friendly should you become with the target? The developer client knew the Houston market was slow, but the growing losses being incurred by his property manager seemed unreasonable. Retained by counsel, a visit was required and during the investigative process, I decided to accept the offer of courtside seats from the target to watch the Houston Rockets. Some might have declined, but as part of the ‘con vs. con’ approach, why can’t you have some fun and spend quality time with the target. At the end of the day,...
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Public Gold Mining Company
Real Estate Financial Advisor On a Caribbean Beach as Sue This case involved the alleged use of insider information by a professional in a public company for personal gain in the form of real estate located in the Turks & Caicos. External counsel and I took a commercial jet to Miami and then a private jet took us to the Providenciales Airport and then we were taken to the only available hotel on Grace Bay Beach: Club Med. In those days only couples were permitted to stay, and you guessed right, counsel registered as he and I as Sue, all...
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Regina vs. Carnie
Real Estate Investor Fraud Argosy and the Backward Horse This $24 million fraud case was the largest ever mortgage fraud case in Canada, catching 1,600 investors who had placed their funds into syndicated mortgages with Argosy Financial Group of Canada Ltd. Argosy started in 1975 and in 1980 it was placed into receivership. Most of the investors were from the province of Ontario with the real estate projects located in Ontario, Alberta and Florida. John David Carnie, the President of the company eventually pled guilty and received a 6 ½ year sentence. It was fun to piece this case together,...
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Regina vs. Pieckenhagen
Real Estate Financial Advisor Pieckenhagaens and Police Power The Crown charged the Pieckenhagens with stealing $3 million from his father-in-law who had, over time, liquidated his European assets and transferred the money to Ontario through a Liechtenstein company. The Pieckenhagens wired the money to Panama City, Florida, then flew down, picked up the money and went off to Brazil. This looked bad! And this time their defense counsel, Clay Powell retained me. I offer a couple of observations from the 1977 trial: It was the first time I had seen an expert accounting witness cross-examined and destroyed - - yet...
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Regina vs. Katz, Swanbrough
Real Estate Investor Fraud Fraud in a law practice In this case, Katz and Swanborough operated a successful law practice for many years, but financial problems arising in their related mortgage company, Yorkfield Agencies, led to fraud charges in 1980. ‘Yorkfield’ was responsible for creating Hess Village located in Hamilton, Ontario where older homes were converted into shops, restaurants and galleries. This case was particularly interesting from the perspective of studying human behavior within a fraud context. Clearly, from the use of funds, one could study the mindset of the accused as the business pressures built, not only at the...
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