Law firm seeks to return $9M in deposits to Centrium buyers
A law firm in Vaughan is seeking permission to return $9 million in deposits it has been holding in trust for a condo project that has been cancelled.
The Centrium condominium project was supposed to be built at 5220 Yonge St. The proposed development involved both residential and commercial units.
In 2010, Brattys LLP had acted for Centrium on the project, but the law firm said in a statement that its retainer was terminated at the end of that year.
Centrium then retained lawyer Meerai Cho as its solicitor.
The law firm is not commenting further on the matter, as police are currently investigating an alleged fraud involving Cho.
Brattys said that as a trustee of residential deposit monies, it is currently seeking court approval to "expedite the return to buyers of approximately $9 million in Centrium residential condominium deposits currently held in trust" by the law firm.
That hearing is supposed to take place on Tuesday.
The money that Brattys has been holding in trust is separate from the funds that are at the centre of the investigation involving Cho.
Cho was charged with 25 counts of fraud over $5,000 this week, along with 25 counts of possession of property obtained by crime and 25 counts of breach of trust.
None of the allegations against Cho have been proven in court.