RCMP urged to investigate Golden Oaks
The company left more than 200 tenants, contractors and investors out more than $27 million
The RCMP should investigate Golden Oaks Enterprises, a failed rent-to-own company, and its president, J.C. Lacasse, says a court appointed receiver investigating the company and its former owner.
Golden Oaks Enterprises left more than 200 tenants, contractors and investors out more than $27 million when it collapsed last month, following a series of reports by CBC News.
Receivership company Doyle Salewski is now in charge of the company's properties and is trying to sell 33 properties, of the 48 the company owns.
In a second report on the company's finances presented in court on Thursday, Brian Doyle of Doyle Salewski, said he found new ways that Lacasse raised money: through shares, 400 per cent promissory notes and free rent.
Ali Alwazzan, a father and an immigrant to Canada, was on a trip and just came back to Ottawa to find out he is broke.
"I'm broke right now with my children," said Alwazzan.
"Nothing. Not even food. Serious debt," he said.
He was promised by Lacasse a return of more than a million dollars a year on his $300,000 investment.
Alwazzan never received his 400 per cent return.
"He deserves to be in jail definitely. He deserves to be in jail," said Alwazzan.
Lacasse took $700,000 from company
Doyle also revealed how much Lacasse took from the company.
He said Lacasse took $700,000 from Golden Oaks since July 2012, including a $389,000 payment towards a luxury mansion.
According to Doyle, Lacasse also took $86,529 from Golden Oaks accounts to give to his wife and kids.
Doyle said Lacasse paid $54,000 back to the company.
Investors make case to stay in their houses
Lacasse’s luxury mansion on the Rideau River is up for sale, as are more than 30 other properties his company owns, including Alwazzan's home.
Alwazzan said he doesn't plan on moving.
"I'm still in the house that he promised me. So I'm not going to move," said Alwazzan.
Other rent-to-own tenants want to stay in their homes as well and pay rent, continuing the contracts they had with Lacasse, to eventually buy.
Doyle said offers to buy some Golden Oaks properties are starting to come in.