British Columbia Sun

Real estate firm collapses, 500 houses impacted, $10M from investors missing

BC

Key takeaways: 

  • A judge has appointed a special investigator to look into the failure of Epic Alliance.
  • Two Epic workers state that numerous homes were uninhabited, with several boarded up. 

Carolina Abramovich states the investment appealed to both her bag and her conscience.

The Vancouver biomedical scientist is one of 120 investors who provided unsecured loans of between $50,000 and $500,000 to the Epic Alliance group of firms in Saskatoon.

“I heard regarding Epic Alliance with real estate investment groups; they were everywhere,” she stated in an interview.

“Excellent reviews from anybody that financed with them, small or big. Real estate acquisition groups, podcasts, webinars — they were everywhere.”

While it appeared to make economic sense, Abramovich stated that she also dropped hard for the firm’s origin story.

“The story behind the firm was great. Try to support investors with their investments while offering, you know, reasonable housing in Saskatoon. I liked that they were females and that they were encouraging trades for females.”

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“Everything is gone. Everything is bankrupt, guys. It’s all gone.”

The Epic Alliance group of firms closed down its operations at the end of January. Its investors and property partners knew of the failure in a 16-minute Zoom call from the firm’s founders, Rochelle Laflamme and Alisa Thompson.

“Everything is gone. Everything is bankrupt, guys. It’s all gone,” Laflamme stated in the Jan. 19, 2022 video.

Blindside

The news of Epic’s failure went off like a bombshell in real estate and company circles across the nation.

Investors wanted to learn what happened to their funds, homeowners across Canada wanted to know who would work their Saskatoon rental properties. Real estate experts are concerned regarding what would happen to the hundreds of core neighborhood homes.

According to Laflamme and Thompson, Epic Alliance owned 504 properties in Saskatoon and North Battleford — valued at $126 million — when it failed apart.

Source – cbc.ca

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