Investors Seek Help as $3M Vanishes in Alleged Scam

A rising number of investors in Ontario claim they’ve lost significant amounts of money after putting their trust in a former executive at a Toronto property management firm who is now being looked into by police.

London, Ont., business owner Ammar Abdelhadi says he and his partner are down over $600,000 after investing in construction renovation deals with Majde Fanous, who was serving as vice president of operations at Signet Group at that time.

Abdelhadi claims Fanous leveraged his role and documents linked to construction projects to persuade him and others to invest, assuring them they would get back both their original investment and profits.

“So far, we haven’t got any of the principal or the profit that we were promised back. And then as he accumulated all the money, he just disappeared,” Abdelhadi stated.

He mentioned connecting with 20 other victims so far and believes there could be more out there; collectively, they estimate their losses could total around $3 million. This estimate has not been independently confirmed.

Attempts to reach Fanous through multiple emails, calls, and text messages have been unsuccessful.

Company claims no knowledge of accusations

A spokesperson for Signet Group declined an interview request but provided a statement saying Fanous is no longer with the company and that during his time there, “the company was not aware of, nor connected in any way to, the claims he is alleged to have been making.”

“The allegations against Majde Fanous are serious and deeply troubling and we are urging anyone with information on this matter to reach out to investigators,” said Danny Roth.

Roth did not respond when asked how long Fanous had worked there. According to a previous Linked In post from the company’s CEO, Fanous joined Signet Group in 2022 and was promoted last year.

The London police stated that investigators are aware of these allegations but couldn’t share further details due to the ongoing investigation.

Toronto police also confirmed they’re aware of one complaint involving Fanous but said they couldn’t provide additional comments regarding investigative actions and referred inquiries back to London police.

“My life is completely destroyed, and I don’t know what to do.”- Nader Alsharif, London, Ont., resident who said he has lost $165,000 to Fanous.

Abdelhadi recalled meeting Fanous several years ago when he became a client at his auto body shop. In September, Abdelhadi says Fanous presented him what seemed like purchase orders tied to Signet projects while describing investment opportunities related to renovation contracts.

“He was telling us that he was the one who could get the contracts done for us. He showed me orders, emails – everything seemed legit,” he explained.

Contracts between Fanous and investors reviewed indicated that Fanous was responsible for repaying invested funds and allowed investors the option of withdrawing their money anytime they wished.

Initially receiving small payments from Fanous until March when payments ceased entirely along with consistent communication later became sporadic for Abdelhadi.

Soon after March hit, communications stopped altogether from him towards other investors as well.

Abdelhadi mentioned using lines of credit for this investment but now finds it hard managing growing expenses.

“We were supposed to get that money by the end of the month but we don’t know what we’re going to do next,” he added. “I’ve got employees’ salaries due alongside my mortgage obligations-now we’re facing huge losses.”

Investors express emotional strain along with financial loss

Learnt later by Abdelhadi about legal issues involving Fanous in Kuwait and Jordan prompted a deeper look into court documents from those countries associated with fraud-related claims against him.

The financial devastation felt by others interviewed echoed similar sentiments while expressing hope investigations lead towards some answers.

Nader Alsharif from London shared his story too-believing he’s lost around $165K through investments linked directly back towards Fanous-expressing potential bankruptcy looming ahead for him.

“My life is completely destroyed; I don’t know what I’m going do or how I’ll manage,” Alsharif expressed frankly. “With my wife pregnant & currently hospitalized [due stress].. Bankruptcy here means losing access loans which can lead losing home/business too.”
I feel really bad for everyone because these are huge amounts.- Lena Karyouti
I feel bad hearing stories like these since substantial sums involved hurt many people.

Lena Karyouti also chimed in about her experience stating how she turned down an initial offer made by fanousto invest several years ago after feeling something wasn’t right-but learned later her brother actually went ahead investing approximately $50K himself instead”I feel really bad for everyone because these are huge amounts.”The investors who’ve come forward remain hopeful awaiting outcomes surrounding ongoing investigations led by law enforcement seeking recovery on lost funds endured throughout ordeal.

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