GTA Investors’ Savings At Risk Amidst Financial Uncertainty
Amidst rising financial uncertainty, investors in the Greater Toronto Area (GTA) find themselves at risk after dealings with local financial planner Serguei Totrov. Several individuals, including Lada Vorobyova and her husband, are now seeking answers regarding their investments.
Investment Details and Concerns
Lada Vorobyova, a resident of Mississauga, worked many years to pay off her home, achieving this goal in 2017. Now in their 60s, the couple planned to retire comfortably. Their financial plans have been jeopardized following their interactions with Totrov, who is known for targeting the Russian-speaking community.
Initial Investment and Promised Returns
- Vorobyova and her husband met Totrov in 2023, seeking additional income for retirement.
- Encouraged by Totrov, they took out a home equity line of credit to invest $320,000.
- The agreement involved funding a loan for an individual seeking to purchase a boat.
- Initially, they received interest payments and were able to manage their line of credit.
However, since April of last year, all payments have ceased. The couple, hoping for clarity, have approached Totrov numerous times but received vague excuses and broken promises.
Growing Frustration Among Investors
Another investor, known as Val, experienced similar issues. He placed $200,000 into a separate loan based on Totrov’s personal guarantee of returns. Both individuals now question the whereabouts of their funds and express frustration over unanswered inquiries.
Totrov’s Response and Past Disciplinary Actions
Totrov acknowledged his guarantee of the loans when contacted by reporters. He claimed to be developing a plan to recover the investments by suing the borrowers who defaulted on their payments. Despite his assurances, specifics on the timeline for repayments remain vague.
- Totrov has faced past disciplinary actions by FP Canada for failing to conduct proper due diligence.
- His financial planning certification was suspended and later reinstated.
- FP Canada confirmed they are aware of ongoing serious allegations but do not comment on open investigations.
Legal Recourse and Future Actions
With funds at significant risk and no clear resolution in sight, Vorobyova and her husband plan to pursue legal action against Totrov. They express deep concern over their financial future, emphasizing the gravity of their situation.
The unfolding circumstances have left many investors in the GTA wary of their financial decisions and questioning the reliability of financial advisors. As situations develop, affected individuals hope for accountability and clarity on their investments.
