The former Dragons’ Den star and Bay Street trader is suing Mark Arbour along with Arbour’s wife, adult son, a law firm, two commercial real estate agencies and sundry others for their involvement in the alleged scheme
With BlackBerry retrenching and retreating from Waterloo, Ont., Michael Wekerle saw an opportunity in 2014 to snap up a group of buildings that once housed the smartphone maker. His plan was to attract other tech firms to the city and boost economic development. He dubbed it the Waterloo Innovation Network.
Mr. Arbour said in an e-mail, through his lawyer, that the buildings were sold with Mr. Wekerle’s approval because office vacancies plummeted during the pandemic and because Mr. Wekerle had to service a large loan taken out to renovate the El Mocambo, not because of an alleged fraud. “The reason Michael Wekerle is in this poor financial situation is because of Michael Wekerle and his poor decisions,” Mr. Arbour said in the statement to The Globe and Mail.
According to court documents, he allegedly misappropriated more than $15-million from the group of companies through a variety of means, including unlawfully selling assets, draining bank accounts and using corporate funds to pay for renovations to his home and that of his son. The suit also alleges he paid his wife more than $1.2-million over four years, even though she had no role in any of the companies.
His wife, meanwhile, was employed as an interior designer and paid accordingly, according to Mr. Arbour. And he says he did not use company money to renovate personal property.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Thiago Santos Believes Jon Jones Will Prevail at UFC 285Former Ultimate Fighting Championship title challenger Thiago Santos believes his former foe will win this weekend.
Read more »
easily= extraordinary,= extroverted= friends= he= kept= life= made= michael= of=Remembering the former St. Pius X teacher, basketball coach, marathon runner, father of four girls and \u0027friend for life.\u0027
Read more »
Former councillor Mike Layton says he is not running for mayorFormer councillor Mike Layton says he will not be taking a run at the mayor’s office.
Read more »
Former councillor Mike Layton says he is not running for mayorFormer councillor Mike Layton says he will not be taking a run at the mayor’s office.
Read more »
'HATERS WON': Former 'Grey's Anatomy' star Isaiah Washington quits actingIsaiah Washington has retired from the entertainment industry and claims the \u0022haters\u0022 have won.
Read more »
Vandalism and b and e investigation at former high schoolBelleville Police are asking for the public's help in an investigation involving the former Quinte Secondary S...
Read more »