A well-known Toronto restaurateur is set to make his first court appearance after allegations that he defrauded a handful of Toronto investors out of more than $1 million.
Panagiotis Peter Tsatsaris, who was once described in this newspaper as someone who changes our world just a little bit for the better, is to appear in a College Park courtroom Thursday afternoon on 14 charges three counts of fraud over $5,000 and 11 counts of uttering a forged document.
He is accused of bilking investors across the GTA out of their life savings one man allegedly lost $500,000 after convincing them through a series of forged letters and contracts that they were buying McDonalds restaurants along the Hwy. 407 corridor in Thornhill.
The restaurants were never for sale.
According to McDonalds spokesman Louis Payette, Tsatsaris has never been an employee of the company, but was retained as an external menu consultant for a short time around 2003.
Robert, a 44-year-old alleged victim who didnt want his last name published, said he was first told of the McDonalds investment opportunities by a colleague and investor of Tsatsaris in October.
According to the online Chef and Restaurant Database, Tsatsaris worked as a consultant for The Strand from 2003 to 2004 and was an owner and proprietor for Wildfire Steakhouse and Wine Bar in 2001 and Mars Uptown in the 1990s.
His business card bears the name Impact Hospitality.
Robert said he was told Tsatsaris was a consultant for McDonalds Canada who was well connected with the higher-ups at the company.
The documents Robert received about the business proposal were printed with McDonalds letterhead and allegedly forged signatures from the firms executives. He was given a memorandum of understanding to sign, outlining the store investment locations, sales, profit and lease terms, Robert said.
From January to May Robert allegedly gave Tsatsaris $500,000.
The investors were reportedly told not to call McDonalds, that everything was going through Tsatsaris.
Robert became alerted last summer after allegedly giving Tsatsaris $20,000, which was supposed to be returned to him, but never was.
In August, Robert and another investor were told the deal was off and that their money would be returned. Robert maintains he was only given $15,000 after threatening to go to the cops.
Youre in a complete state of denial through this whole thing. You dont even want to believe that youve given someone a half a million dollars and that its not real, Robert said.
During the ordeal, Robert said he called McDonalds and was told he was only one of X-number of persons who have called about Tsatsaris. He was advised to call police.
Tsatsaris was charged by Toronto Police on Dec. 8.
Robert doesnt expect to get back his life savings.
He knows of others who invested about $100,000, $250,000, $325,000 and $450,000. One couple took the money out of their house and are now paying an interest-only loan. Their marriage is in shambles, Robert said.
Some still believe they will get their money back and have not gone to police,
Please call Const. Rob Barnett 416-808-7321 if you have been a victim Peter Tsatsaris's fraud scam
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