SIREG & Simple Investor Independent Action Coalition

Yes. Over 80% of SIREG investors own 1 to 2 units. The class action is designed specifically to aggregate individual owners into a multi-million-dollar collective claim, so single-unit holders have the same legal leverage as major institutional buyers.

No. This is an entirely independent, investor-led consortium organized by affected title holders to protect asset value, pursue legal recovery, and transition property management to independent control. It is not affiliated with, endorsed by, or acting on behalf of SIREG Management, The Simple Investor or any related entity.

You remain the legal title holder of the condominium unit. Once you notify your tenant to pay rent directly to you, your lease relationship continues directly between you and the tenant under standard Ontario Landlord and Tenant Board guidelines.

No. Registering and uploading your documents is free and creates no obligation. Litigation itself is not free, however — participating investors will be asked to contribute pro-rata to a shared retainer fund. No funds are collected until a retainer and litigation budget are presented to the members and approved, with written terms and reporting.

In a class action you generally have the right to opt out, which preserves your right to pursue your own claim separately. You will not have to make that decision until the court sets an opt-out process — the group will explain it here when the time comes.

Treat any communication that does not come through this website as unverified. The coalition will announce counsel and next steps here. Do not send money or documents to anyone who has not been confirmed through this site.

Joining the group does not affect your credit. Missing payments on your own mortgage can. If you are struggling to make payments, contact your lender early — most have hardship options, and waiting only makes it harder.

Start with the three steps above: redirect the rent, protect the property and utilities, and register and upload your documents. You do not have to do everything at once, and you do not have to understand the legal process — that is what counsel is for. Just take the first step today.

You are the registered owner of real property, which is the strongest position in this situation. Your ownership of the unit does not disappear even if SIREG or related companies become insolvent — but you must act to protect it: confirm the management arrangement, pay municipal and common-expense arrears before they become liens, and carry your own insurance.

Generally yes, if you hold title. Review your Property Management Agreement for termination and notice terms, send a written Notice of Management Termination citing default on distributions, and then notify the tenant in writing to pay you directly. Consult your own legal counsel first, and confirm your obligations under the Residential Tenancies Act, 2006.

The unit owner — not the tenant — pays common expenses and funds the corporation's reserve. In older buildings that were converted from rentals, major repairs (roofs, elevators, parking) can trigger special assessments. Unpaid common expenses can become a lien on your unit. Order a status certificate from the condominium corporation to see the current financial position.

Board control is decided by the owners. Once owners organize, they can request corporation records, requisition meetings, and — in serious cases — apply to the courts. Concentrated control over condominium boards, vendor selection and property-management procurement raises related-party conflict concerns that require forensic review.

Property held on title for the benefit of investors is generally not part of the debtor's estate, and secured creditors (such as your mortgage lender) keep their priority. That is exactly why preserving and registering each investor's interest in the physical assets early matters so much.

Possibly, but it is not straightforward. Your mortgage (payout penalties), the condominium corporation (status certificate, common expenses, reserve fund, liens), any tenant under the Residential Tenancies Act (a sale does not automatically end a tenancy), and your management agreement all affect it. Do not list or sign anything before checking your documents and speaking with counsel.

In most cases, yes. If you hold title and you take back management, you become the landlord under Ontario's Residential Tenancies Act. That means you (or someone you appoint) are responsible for collecting the rent, responding to repair requests, issuing proper notices, and following the rules on rent increases and evictions. It sounds intimidating, but it is manageable — and you are not expected to do it forever.

You have two realistic paths: manage it yourself until you sell the unit, or hire a property management company — ideally one the coalition can help connect you with — to handle the day-to-day. A manager's fee will usually be a little more than you were paying before, but remember the alternative: right now you may be paying a mortgage and receiving nothing. Even after a management fee, you keep the rent, you keep the asset, and you stop the bleeding. The goal is to stop the loss — not to make a profit overnight.

Very likely, yes — at least in the short term. If the rent that was promised to you was never actually covering the mortgage, taxes and utilities, then once you take control you may find the numbers are tight, and you may have to put some money in yourself to keep the unit in good standing.

Here is the important part, in plain terms: money you put toward the mortgage is not money lost — it builds equity (the portion of the unit you actually own). Money toward taxes and utilities protects the property from liens and keeps it sellable. That is very different from the last while, where money went out and nothing came back.

Think of it this way: paying a little each month to protect a real asset is far better than losing the whole thing — and the stress that comes with it. And if the numbers do not work for you at all, that is exactly what the group — and any property manager we can help arrange — are for: to look at the unit honestly and decide whether to hold, restructure, or sell.

Generally, yes — it is wise. Your lender should know that you have taken over management and are collecting the rent directly. Your mortgage terms may require it, and it keeps your file accurate. Lenders often ask for proof of landlord insurance and a copy of the lease.

The owner is always responsible for property taxes, even if the tenant pays them day to day. Water and electricity depend on the lease — in many units the tenant pays utilities directly, but the account should be in the owner's name so you control it. Keep taxes and water current: unpaid amounts can become a lien on your unit.

Find your municipality's tax & water contact →

You follow the same process as any Ontario landlord: issue the correct notices and, if needed, apply to the Landlord and Tenant Board. It takes time and can be frustrating, but it is a defined legal process — not a dead end. This is one of the main reasons owners choose to hire a property manager.

Yes. If you are renting out the unit, you should have landlord insurance — not just a standard homeowner policy. It covers liability, damage, and loss of rental income. Tell your insurer that you are now the landlord and that the unit is tenanted.

Once you have terminated the management agreement in writing, SIREG has no authority to act for you. Put both your termination and your instruction to the tenant (pay rent directly to you) in writing, and keep copies. If SIREG interferes after that, document everything and tell counsel.

A vacant unit still costs money — taxes, common expenses and insurance continue — and it is vulnerable to damage or vandalism. Either get a tenant in place or have a manager look after it, keep the insurance active, and check on it regularly. If the vacancy is straining your cash flow, call your mortgage lender and ask them to hold your principal payments on the strength of the situation — a temporary interest-only period can cut your monthly payment roughly in half while you find a tenant.

You have two immediate, practical options, and they can be used together.

1. Bridge the shortfall with available credit. If you have room on a personal line of credit or a credit card, using it temporarily to cover the gap is a stop-gap. The cost is nominal relative to losing a unit, and drawing on credit you already have does not by itself hurt your credit score in the interim.

2. Ask your lender for interest-only relief. Call the bank, explain plainly that SIREG has stopped operating and you are taking over the unit, and ask specifically for a temporary suspension of principal payments (an interest-only period). On a typical mortgage this can cut your monthly payment roughly in half, because you are only covering interest.

Act early. Lenders are far more willing to work with an owner who calls before a payment is missed than one already in arrears. If you have more than one affected unit, tell the lender — relief can often be structured across all of them.

A condominium title holder is on legal title to a specific unit and generally has the strongest, most direct proprietary claim to that real property, plus rights through the condominium corporation. A Joint Venture (JV) interest is a contractual and equitable interest in a project or land, not necessarily registered title. That distinction changes the remedy: title holders can often assert ownership and mortgage rights, while JV partners typically pursue tracing, constructive trust, breach of contract and fiduciary claims. The coalition's counsel will map each investor's documents to the correct theory of recovery.

An insolvency filing is possible and would trigger a stay of most civil proceedings. Critically, property held in trust or on title for the benefit of investors is generally not part of the debtor's estate, and secured creditors retain their priority. The immediate priority is to identify, register and preserve each investor's interest in the physical assets before any filing, so the estate and any trustee cannot treat investor property as free assets. Early preservation and caveats/lien registrations materially change the outcome.

Individual claims are expensive, slow and easily outlasted. A consolidated class action or joinder action pools evidence, shares costs, presents one coherent narrative of the alleged conduct, and prevents inconsistent rulings across investors. It also creates real settlement leverage and forensic efficiency, since documents, expert reports and discoveries are funded once and used by all members.

The coalition intends to use a transparent, majority-approved cost-sharing model. A retainer and a litigation budget will be presented to all verified members before any funds are collected, with written engagement terms, disbursement authority and reporting. No member will be asked to fund anything until the scope, counsel and budget are approved and documented.

The forensic work examines alleged misrepresentations in offering and marketing materials, the use and commingling of investor capital, undisclosed related-party transactions and whether funds were applied as represented. These are allegations under investigation, not established findings. Where the evidence supports it, matters may be referred to securities regulators and, if warranted, law enforcement.

Immediate steps include confirming who is lawfully entitled to collect rents, redirecting or intercepting rents where legally permissible, preventing unauthorized dispositions or encumbrances, and engaging with municipalities and utilities to avoid liens, shutoffs or tax sales. The coalition's aim is to coordinate a property-by-property preservation protocol so no unit is lost to arrears or neglect while any legal action proceeds.

Municipal tax & water contacts →

No one can promise a recovery, and anyone who does should be treated with caution. Outcomes depend on factors we cannot control: what assets remain, whether they are encumbered, the solvency of the defendants, whether other creditors rank ahead of us, the strength of the documentary evidence, and the time and cost of the proceedings. What we can do is materially improve the odds — preserve and register our interests in the physical assets before they are dissipated, pool evidence into one coherent case, share the cost of experienced counsel and forensic accountants, and pursue every available avenue, including claims against third parties and any available insurance or compensation funds. Our position is that a coordinated, well-evidenced action is far stronger than isolated claims, but we will not tell you recovery is guaranteed.

You will not need to understand court procedure — counsel will handle that. In broad outline: (1) you register and upload your documents; (2) counsel reviews the evidence and confirms the claim theory; (3) a statement of claim or class action is issued; (4) there is a discovery phase in which you may be asked to list relevant documents (an affidavit of documents) and possibly answer written questions or attend an examination; (5) there are mediation and settlement discussions; and (6) the matter either settles or goes to trial. What is asked of you is modest and within your control: provide your documents, keep records, respond to counsel, and approve costs. You are not expected to be a lawyer.

Both models exist, and the right answer depends on you. Shared counsel would act for the group or class as a whole, and for the common claims you may not need a separate lawyer. But if your circumstances differ materially from the group — different documents, a different property, a potential conflict, or you simply want independent advice about your own settlement — you should obtain your own counsel. You always have the right to independent legal advice, and no one will pressure you to give it up.

Possibly, but it is not straightforward, and you should not list or sign anything before checking your documents and, ideally, counsel. If you hold registered title, you can generally sell — subject to your mortgage (payout penalties), the condominium corporation (status certificate, common expenses, reserve fund, any liens), any tenant under the Residential Tenancies Act (a sale does not automatically end a tenancy, and the buyer may inherit it), and your property management agreement. If you hold a joint-venture interest rather than title, you cannot simply sell "your unit"; you may only be able to assign your interest, subject to the joint-venture agreement. See the operational FAQ in the investor portal for the step-by-step process.

At this early stage, the effort is being organized on a volunteer basis by Marcin Migdal, an affected investor who has taken on the task of collecting and organizing the investor records and keeping the initiative moving — because payments stopped abruptly, the companies' online presence has gone dark, and no one else has stepped forward to coordinate. That is an organizing role only; it is not a legal, financial, or fiduciary role, and it does not make anyone a representative of any investor. We are in the process of establishing an advisory committee made up of investors. Once it is formed, that committee will decide which individuals or independent third parties will act as liaison for the group, instruct counsel, and provide regular updates to every investor. Until then, please treat any communication about this matter that does not come through this website as unverified. If you would like to be considered for the advisory committee, or to help, please use the Contact us form.