Real estate lawyer pleads guilty in $15M North York condo scam
Posted February 23, 2017 4:13 pm.
Last Updated February 23, 2017 6:41 pm.
This article is more than 5 years old.
A Toronto lawyer has pleaded guilty in a North York condo scam that bilked investors of nearly $15 million in deposits.
Meerai Cho was the real estate lawyer handling the deposits of at least 141 people for pre-construction units at 5220 and 5254 Yonge St., south of Finch Avenue. The deposits for residential and commercial units ranged anywhere from $40,000 to $700,000.
When the project was cancelled, Cho didn’t return the deposits.
She was arrested in August 2014 and charged with a number of offences. Police also raided the former offices of Centrust Development Group.
Cho was eventually charged with 142 counts of fraud over $5,000, 142 counts of possession of property obtained by crime over $5,000 and another 142 counts of breach of trust.
On Wednesday, Cho, 66, pleaded guilty to one count of criminal breach of trust and was sentenced to three-and-a-half years in custody. All of the other counts were withdrawn.
The Law Society of Upper Canada has set up a compensation fund for victims.
