Philip is a member of the SIREG Investor Recovery Coalition who invested through The Simple Investor. This is Philip’s story, in their own words.
In Philip’s words
Philip & Patricia Stiff - Owners of units 109 & 409 - 756 Kipps Lane, London
We purchased these units using the National Bank, who was recommended by Simple Investor and their guaranteed income. They gladly gave us two mortgages because of the guarantee AND the reported rental income of $1812 (current rent). There is NO way, I would have been approved by the bank or bought this condo knowing the TRUE rental income of $1026 (current rent). This is the definition of a ponzi scheme. They attracted investors based on the higher rent. They set the market price of the condos (price fixing) by buying their own units with the generic "Ontario numbered" businesses. Therefore, at the time of purchase, when I looked online for market values, I saw other units that were purchased for that price. They were likely $80k-100k inflated. That inflated purchased is how they funded paying investors more than what they were collecting. This is fraud.
Worse, I used a line of credit to make the downpayment. So I am losing rent money, have condos that are worth $80-100k less than purchased, have interest to pay on a LOC, have mortgages to pay and now, expect expenses to fix out condos and building.
I have recently been told by a realtor and handyman that my vacant unit is unrentable because it is unsafe and in poor condition. It has mold and active leaks! In one area, Sireg cut a hole in my wall, and put a temporary fix on the main pipe. The wall still has a hole and it could leak at any moment. Adding insult to injury, Sireg stole the stove and said "it was needed in another unit"!! This is an owned stove and unit!! I filed a police report today.
I chose this investment for the hands off approach. After covid and having tenants that could not pay, the guaranteed rent (which is not unheard of) and not dealing with tenants or forms was appealing.
I have been losing money for longer than this current situation because the advertised documentation was not accurate. i.e. not all units pay the same property tax. They also did not mention, there would be no rent increase the first year, or yearly admin fees.
Sireg has signed a Purchase Agreement for my empty unit and it was suppose to close on October 1st, 2026. It did not, they did not pay their deposit and I had to pay my lawyer for a deal that did not go through!
I was already struggling and my daughter dropped out of university to make money because I could not help her. My wife, recently diagnosed with two more autoimmune diseases this year is now on medical leave from her three part time jobs and has undergone numerous cancer screening and more to come.
Now, payments stopped and I am swamped in debt. When they do resume, I will be getting $700 less for one unit and $0 for my empty, unrentable unit. I can't sell because a) we need a condo board & reserve funds. No lawyer would let a buyer buy these. b) the value is so low that I would loose $160-200k!. This will set me back years. I have already passed my early retirement date and now, do not see an end to working. My wife and I have now called a realtor to sell our house.
Sadly, we can not afford to join the lawsuit against Simple Investor/Sireg/Todd Slater.
What I would like to see happen:
1. ANY government assistance to expedite resolutions, financial relief of any kind, paid/re-paid lawyer fees. I have written numerous MPPs and the Premier BEGGING for help.
2. Turn the MLF lawsuit into a class action lawsuit for ALL investors. Make sure it is against ALL Simple Investor & Sireg affiliated businesses, their Ontario XYZ companies, and their personal assets of Todd C. Slater, his wife, Sheila Vos Slater and all others, like Bernie Davona & George Nikitopoulos.
2.B. Make sure a deep dive into any place they moved money to. ie. family, off shore, etc.
3. Make the above people CRIMINALLY responsible. How this has not happened yet is beyond me. Plus, there were many more people in the company that would have known what was being done....ie. accounts receivable collecting low rent and accounts payable paying the higher rent. Superintendents, Property Managers, etc. neglecting the properties and tenants.
Fraud Over $5,000
Theft Over $5,000
Criminal Breach of Trust
Obtaining Property by False Pretenses
Misappropriation of Funds
Criminal Negligence
Unauthorized Condominium Management (Provincial Offence)
4. Change the laws so this can NEVER happen again. Ensure CAO and CMRAO file criminal proceedings.
Thank you for your time reading this.
What’s happening: the SIREG and Simple Investor situation in brief
If you arrived here looking for news about The Simple Investor, SIREG Management or Todd C. Slater, here is the short version.
- Who: The Simple Investor brand and SIREG Management Inc. were founded by Todd Slater (Todd C. Slater), a former talk-radio host. They sold condo units and joint-venture investments to individual Ontario investors, many on a “guaranteed rent”, hands-off model (The Globe and Mail).
- September 2026: SIREG Management reported “liquidity challenges” and investors stopped receiving their payments (CTV News, CBC News).
- The regulator: the Condominium Management Regulatory Authority of Ontario (CMRAO) took regulatory action against SIREG Management Inc., including immediate licence suspensions (CMRAO).
- Insolvency: several SIREG and Simple Investor companies have filed for insolvency, the process many people search for as the “Simple Investor bankruptcy” (The Globe and Mail, Insolvency Insider).
- People named: coalition members have been asked to share any first-hand documents about their dealings with SIREG Management representatives, including Todd Slater and Sheila Vos Slater, with the coalition’s legal team.
The SIREG Investor Recovery Coalition (the SIREG coalition) brings affected investors, condo owners and tenants together to share information and pursue recovery through the proper legal and regulatory processes. No allegation against any individual has been proven in court.
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