|The following are selected extracts|
Nearly $2 billion lost. As many as 20 troubled or bankrupt companies. Tamsin McMahon looks at how Alberta regulators failed to guard against the biggest losses
Tamsin Mcmahon with Anthony A. Davis –December 2, 2012
For “Maria,” the gnawing doubt began shortly after she signed papers handing over her life savings to a real estate developer in Alberta. She attended a seminar in Ottawa in 2009 touting the benefits of investing in real estate, which promised better returns than the tumultuous stock market.
Among the investments on offer was a company called CBI Group, run by Red Deer brothers Ron and Travis Cadman, which promised a chance to invest in an array of projects they were developing around Alberta—a luxury vacation property in the resort community of Sylvan Lake, a condo project in Red Deer that listed a movie theatre and a resident chef among its amenities—as well as a chance to invest in foreclosed properties in Arizona.