Thread by @systemcorrupt

BREAKING: Vaughan Developer Allegedly Accused of Bank Fraud in Stouffville Townhome Project.

Social media chatter in recent days has revealed a possible bank fraud case involving the owners of @StateviewHomes, a residential real estate developer based in #Vaughan with a specific

focus on their townhome project "Elm & Co" located in Stouffville, Ontario. The three owners of Stateview Homes, identified as Dino, Carlo and Daniel Taurasi, have been allegedly accused of fraudulent activity by @TD_Canada. (check screenshots as proof in the end)

TD Bank has reportedly caught them in the act of check kiting, a type of check fraud. As a result, TD Bank has placed a $37 million lien on all of Stateview Homes' properties, including their personal homes, offices, and ongoing projects, including Elm & Co.

The townhome project has come under scrutiny, given that Stateview Homes reportedly owes over $60 million in debt in the first position, while the land is only worth $55 million. The situation has been exacerbated by the fact that TD Bank has filed a separate debt of $37 million

against Stateview Homes as a result of the alleged fraud. All of the developers' assets have been frozen, including their personal homes, offices, and ongoing projects such as Elm & Co. (check screenshots as proof in the end)

The developers allegedly paid off their $4-5 million homes entirely last year, despite not having finished their projects or sold any land. Reports suggest that they spent deposit money & engaged in check kiting to achieve this, further adding to the complexity of the case.

The "Settlement Agreement" with TD Bank has put all of Stateview Homes' properties and ongoing projects, including Elm & Co, into receivership. This alleged bank fraud case has raised questions about the financial practices of developers in the real estate industry and

their impact on ongoing residential projects, particularly in Greater Toronto Hamilton Region.

Despite the social media chatter, mainstream Canadian media outlets & government agencies have not yet commented on the situation or launched an investigation.

However, the impact of this alleged fraud on the Stouffville townhome project and the broader real estate industry in the region remains a significant concern for the affected parties. (check screenshots as proof in the end)

#ToRE

Attached are the screenshots of documents showing TD Bank's Settlement Agreement & Charge on all properties. 1/2

Attached are the screenshots of documents showing TD Bank's Settlement Agreement & Charge on all properties. 2/2