This is the last email I got from the company:
Dear valued Profitable Plots (Canada) Ltd. Clients:
Due to the on-going investigation by Singapore's CAD into Profitable Group, which has frozen the company since August and will now continue frozen until November 8 Syndications Canada Inc. Has no choice but to end it's current marketing & client services agreement. All of our staff assigned to client services for Profitable Group have been laid-off and all operations ceased. As of July 8 the company has closed it's offices at 80 Bloor Street West, Toronto, Ontario. All existing Profitable Plots (Canada) Ltd. Client files will be shipped to
the offices of the Real Estate Commission of Ontario (RECO) in compliance with regulations. Syndications Canada Inc. Wishes to thank
clients for the opportunity to have served them over the last three years and wishes all of you the best.
Douglas W. Chaddock
Managing Director
Syndications Canada Inc.
Dear valued Syndications Canada Inc. Clients:
Due to the Ontario Securities Commission's on-going investigation and cease-trade order (www.osc. Gov. On.ca), Syndications Canada Inc. Has no choice but to end all active business operations. As the company is prohibited from any form of communication with clients, continuation of the enterprise was not possible. All of our staff have been laid-off and all operations ceased. As of July 8 the company has closed it's offices at 80 Bloor Street West, Toronto, Ontario.
The company will accept mail at the following address:
3219 Yonge Street, Suite 325
Toronto, Ontario
M4n 3s1
E-mail messages can be sent to:
[email protected]
Managing Director
Douglas W. Chaddock
Syndications Canada Inc.
In bold is the statement I just found out is not true... Or if it is then I don't know who is prohibiting them from communicating with their clients. I found out today it was not the Ontario Securities Commission. Who knows, maybe it's their lawyer who told them to no communicate with their clients.
Their court date is is Sept 8 at 11am at 20 Queen st. West, Toronto, Ontario. The office for the Ontario Securities Commission is on the 17th floor, I'm guessing that's where the hearing will be held.
I would be surprised if Douglas or Dan showed up, but at the very least one could hear what their lawyer is trying to convey.
The issue with the OSC is they feel Syndications Canada was selling securities, and they weren't licensed for that.
My only question to anyone out there is; Is there a class action law suite being organized against these guys?
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