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Fortress Real Developments Founders Sentenced for $24.4M Fraud

2/3/2026

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Summary

Story summary

Jawad Rathore and Vince Petrozza, co-founders of Fortress Real Developments Inc., were sentenced to five years in prison and fined $12.2 million each.
The Ontario Court of Justice found them guilty of misleading investors about syndicated mortgage loans tied to SkyCity tower in Winnipeg and Barrie’s Collier Centre.
The fraud caused $24.4 million in losses.
Both men appealed and were released on bail.

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Story summary

Jawad Rathore and Vince Petrozza, co-founders of Fortress Real Developments Inc., were sentenced to five years in prison and fined $12.2 million each.
The Ontario Court of Justice found them guilty of misleading investors about syndicated mortgage loans tied to SkyCity tower in Winnipeg and Barrie’s Collier Centre.
The fraud caused $24.4 million in losses.
Both men appealed and were released on bail.