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Investors burned by Epic Alliance real estate investing scheme should get answers by year end

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People who collectively lost millions of dollars when Saskatoon real estate company Epic Alliance shut down should have some answers later this fall.

The firm closed its doors suddenly in January 2022 with more than $200 million unaccounted for, much of it collected from investors — primarily from B.C. and Ontario — who gave unsecured loans of between $50,000 and $500,000 to Epic.

The Financial and Consumer Affairs Authority of Saskatchewan is sorting through the mess.

At a meeting Sept. 18, a spokesperson for the authority said resolution talks are under way with Rochelle LaFlamme and Alisa Thompson — the principals of Epic Alliance — and counsel for investors and the authority.

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An update on these talks is expected on Nov. 30. Should there be no settlement, then hearings have been tentatively scheduled for three weeks in April 2024.

LaFlamme and Thompson created Epic Alliance in August 2013 and ran it until Jan. 19, 2022, when they told 121 investors in a video meeting that there was no money left.

A court-appointed investigator looking into the Epic Alliance group of companies said the public may never fully know what happened to the hundreds of millions raised by the failed real estate venture.

“Based on the unaudited books and records of EA Group, total funds raised from Investors amounted to approximately $211.9 million,” wrote Peter Chisholm from Ernst and Young in a 58-page report.

“Due to incomplete books and records prior to 2019, the Inspector has been unable to reach conclusions regarding the use of Investor funds for that period of time.”

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This $2 million Toronto home underwent a huge makeover and now looks better than ever

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Back in 2014, we featured 325 Perth Ave. as the house of the week, boasting how great of a catch it was with its open concept layout, basement apartment, and deep backyard.

Nine years later, it’s had a massive glow-up and is now better than ever.

Listed for $1,899,000, 325 Perth Ave. underwent the renovation of a lifetime back in 2021.

325 Perth Avenue Toronto

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The living room with custom built-ins.

“The owners bought this house in 2014 against 32 other offers and for 133 per cent over asking price, and the media debated heavily at the time if it was a smart decision,” realtor Maggie Lind told blogTO.

But they really made the best of their decision and in 2020, they began a renovation to add a 16-foot addition, build a laneway suite and gut the main floor.

325 Perth Avenue Toronto

The primary bedroom ensuite bathroom.

But then the pandemic hit.

325 Perth Avenue Toronto

One of three bedrooms in the main house.

“Because of COVID the laneway house was completed first, and the owners, and their two boys (both under 6) moved into it, even though it was only 350 square feet. Each night they went back to the construction to sleep in the two bedrooms on the second floor,” added Lind.

325 Perth Avenue Toronto

The kitchen.

The sacrifice was worth it, though, as the renovated home is gorgeous.

325 Perth Avenue Toronto

The dining room.

The main floor, with an open-concept floor plan, wide plank white oak flooring, and custom built-ins, is beautiful.

325 Perth Avenue Toronto

The hidden powder room beside the dining room.

There’s also a cheeky hidden powder room on the main floor and the custom kitchen is sleek and modern with quartz counters.

325 Perth Avenue Toronto

The family room.

The 16-foot addition at the back of the house is now a cozy family room that walks to the back garden and is filled with natural light.

325 Perth Avenue Toronto

What was formerly the primary bedroom is now another bedroom upstairs.

Upstairs, there are three bedrooms, including a completely new primary suite.

325 Perth Avenue Toronto

The new primary bedroom.

It has soaring ceilings, double closets, and an ensuite bathroom with a deep soaker tub, walk-in shower, and double vanity.

325 Perth Avenue Toronto

The lower level unit.

The basement has a separate entrance and could be used as an income-generating space as it has a kitchen, bedroom and bathroom.

325 Perth Avenue Toronto

The bedroom in the basement.

And if one income-generating space wasn’t enough, there’s also the laneway house at the back of the property.

325 Perth Avenue Toronto

The laneway house with a garage.

The laneway home is similar in design to the main house – modern, bright, and airy.

325 Perth Avenue Toronto

The kitchen in the laneway house.

It’s a studio apartment with about 400 square feet of living space, as well as parking and a storage room. It also has its own laundry, making it ideal for tenants and guests alike.

325 Perth Avenue Toronto

The backyard with storage.

Currently, the laneway house is tenanted for $1,700 a month.

325 Perth Avenue Toronto

The back of the house with two decks.

This home really went from a snack to the full meal deal.

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New to Canada? Here's how to purchase or rent a home – CTV News

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Judge rules Donald Trump committed fraud – CTV News

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