Canada's highest court upholds ruling that Donald Trump committed Fraud.. [View all]

[HipChick]

A lawsuit alleging that Donald Trump and a real estate development firm misled investors, has been upheld by Canada's highest court.

Sarbjit Singh and Se Na Lee alleged they were sold units in Toronto's, Trump International Hotel, under false pretences.

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).

The Ontario Court of Appeal last year, sided with them in their case against Mr Trump, Talon International Development and former executives of that firm. That decision was backed by The Supreme Court of Canada which upheld the lower court's ruling and refused to hear an appeal from the defendants.

In a document outlining the case, Justice Paul Rouleau wrote 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”.

Mr Singh had been discharged from bankruptcy three years before making the purchase and was earning around C$55,000 a year as a warehouse supervisor, it said.

He did not have enough money for the deposit for the unit and had to receive help from his father, a retired welder, who agreed to help and took out a line of credit on his own home to finance the loan.
Ms Lee was a homemaker, whose husband worked as a mortgage underwriter at the time. Her parents loaned her money for the deposit. “Both believed that buying into the Trump project would be an excellent investment," Justice Rouleau said. "And in time, both came to realise that they were wrong.” The 65-storey tower in Toronto's financial district includes both hotel rooms and private residences. It is managed by The Trump Organisation.
http://www.independent.co.uk/news/world/americas/donald-trump-lawsuit-canada-court-approves-legal-case-against-us-president-a7623566.html