Multiple rental-property companies founded by Todd Slater, a former talk-radio host and real estate investor, have filed for insolvency, according to documents viewed by The Globe and Mail.
Over the past decade, the Simple Investor Real Estate Group, or SIREG, has purchased existing multifamily rental buildings across Ontario and converted them into condominiums. The company also provided property-management services, including collecting and remitting rent payments to owners.
Mr. Slater marketed these purchases online and in seminars as a simple way to become a real estate investor, and in many cases, buyers simply purchased a converted condo unit and collected rent. However, others were also sold a riskier option to contribute capital – and collect high interest along the way – to a joint venture that would purchase a new rental building and begin the conversion process.
The Globe obtained an e-mail sent Sept. 18 to SIREG stakeholders warning that future rent or dividend payments were being suspended amid “liquidity challenges.”
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SIREG has appointed AlixPartners Restructuring Inc. as its insolvency trustee, and Adam Zalev of Reflect Advisors is acting as Chief Restructuring Officer, according to a Sept. 23 e-mail to investors obtained by The Globe.
That e-mail also said Mr. Slater had “stepped away” from management for “health reasons.”
Mr. Zalev declined to comment for this story.
At least 14 companies associated with SIREG have filed for bankruptcy, most of the corporations own individual buildings, according to Office of the Superintendent of Bankruptcy records.
Marcin Migdal is a SIREG investor who owns a condo in North Bay and has shares in two joint-venture agreements. One $250,000 investment should have been returned to him three years ago, but because SIREG’s property-management payments were still arriving, he didn’t question the health of the company.
“They were making payments on my condo,” he said. “We all thought it’s going to continue. I met an individual who had 14 properties: no missed payments.”
Mr. Migdal created a website to help organize SIREG investors into legal action against the group. By his estimate, there are 20 condo or rental buildings and more than $100-million in cash borrowed from hundreds of small investors at risk.
Multiple calls and e-mails to Mr. Slater and to SIREG’s head office over the past week were not answered.
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Insolvency notices sent to condo owners warn that under the terms of the Bankruptcy and Insolvency Act, they cannot break their property-management agreement with SIREG and begin collecting their rent on their own, though they can apply to a court to be let out of the contracts.
Court records related to a 2025 civil claim give some indication of potential issues with the joint-venture business model.
Janvier Kenmoe, who works for the construction union LiUNA (Laborers’ International Union of North America), and Joan Ngasa, his wife, alleged in their statement of claim that they borrowed $500,000 in 2021 using a home-equity line of credit to invest in a joint venture known as SIREG 1-4 Balmoral Inc. (The property is a 158-apartment rental building in Brockville, Ont., that was eventually converted to condos in October of 2025).
The agreement promised a two-year duration of the contract and a 60-per-cent return over those two years.
By August, 2025, Mr. Kenmoe’s agreement was three-years’ overdue and he was asking for his money back. His claim quotes an e-mail from Mr. Slater that said there had been delays in getting the building converted and registered as condos and asked for a few days to “figure out something.” After a few more exchanges, Mr. Slater stopped responding to e-mails in October.
The civil case claimed that Mr. Slater’s company had not done the “know your client” due diligence that would have shown that Mr. Kenmoe was not an accredited investor; a legal definition under securities law. Individuals or companies that sell exempt market securities – such as joint-venture shares – can face sanctions from securities regulators if investors are not accredited to buy them.
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The Ontario Securities Commission declined to comment on whether it had received any complaints or had opened an investigation against Mr. Slater or SIREG.
No statement of defence was filed. The case was settled and is now subject to a confidentiality agreement.
Simply selling their condos to escape the situation may not be an option, according to Ron Butler, president of Butler Mortgage.
Mr. Butler has advised several SIREG condo owners that research by his company into some of the buildings revealed serious concerns with the governance and financial health of the condo corporations set up by SIREG. The problems included empty reserve funds, unfinished engineering reports, and in some cases, loans registered to the corporation.
“They are completely unfinanceable,” he said.
No mortgage provider would lend money to purchase an apartment in one of these buildings, Mr. Butler said. That would lead to a cash-only sale and potential losses for sellers.
“In our experience, it’s roughly a 66-per-cent price discount when they are not financeable.”