Investors and realtors were left reeling by the sudden collapse of Epic Alliance, a Saskatoon real estate investment company. Allegations of mortgage fraud and market manipulation surrounded the firm, which raised millions of dollars through promissory notes. The company’s founders blamed a government regulator for their downfall, leaving investors in the dark about the fate of their money.
After an investigation, the Financial and Consumer Affairs Authority (FCAA) reached a settlement with the founders, Rochelle Laflamme and Alisa Thompson, involving fines and restrictions from selling investment products. However, the settlement did not address potential fraud, leaving investors unsatisfied.
The long-term impact of Epic Alliance’s collapse led to the sale of many properties at a loss, while others have been rented out to recoup losses. Questions remain about the fate of the millions raised by the company and the overall lack of accountability in the investment chain.
This cautionary tale serves as a reminder of the importance of due diligence in real estate investments and the need for stronger regulatory oversight to protect investors from similar schemes. The fallout from Epic Alliance continues to resonate within the industry, highlighting the need for transparency and accountability in the business world.
