When It Rains, It Pours! Canadian Bank CIBC Is Allegedly Preparing To Sue Financially Troubled Romspen For Fraud

CIBC Canada’s fifth largest bank is planning on suing Romspen for fraud. Several people at the annual Romspen investors meeting said they overheard a CIBC executive stating the bank was filing suit against Romspen.

Our source at the meeting stated the CIBC executive wished remain anonymous. However, our source did confirm with him that CIBC lawyers were currently drafting the lawsuit.

Apparently, CIBC has hundreds of millions of dollars invested in a half a dozen Romspen projects. They claim that they haven’t received any investor redemptions since the COVID pandemic. Hmm…that sounds familiar.

CIBC also alleges Romspen executives deceived them into investing into several highly risky Romspen projects. Executives allege Wesley Roitman and other executives lied to them about the risk management of several of these projects. They also say they have not received a dime from Romspen on these projects in 5 years.

Romspen by their own admission is currently sitting on over a billion dollars worth of non-performing debt. They also refuse to liquidate these assets. As a result, Romspen investors including CIBC are not happy about this decision.

Romspen executives know investors are mad as hell because I haven’t received a dime in over 5 years. They also are aware of investors talking to lawyers about suing the company for fraud. So, Romspen set up an “Advisory Committee.”

Unfortunately for Romspen, the formation of the committee may be too late. A CIBC fraud lawsuit could very well be the end of Romspen. When the company collapses, executives will turn on one another like rats fleeing a sinking ship. We all know Wesley Roitman will end up being the center of a shower room Bukkake Circle at the Millhaven Correctional Institution.

Check Out These Government Websites If You Feel You Are A Victim Of Romspen:

How To File A Complaint In Canada:

Contact The Canadian Investment Regulatory Organization (CIRO) At 1.877.442.4322 For More Information. You Can Also Email Them At complaints@mfda.ca

You Can Also Contact Your Local RCMP Office For Assistance By Clicking Here.

If That Doesn’t Work, Contact Finance Minister François-Philippe Champagne:

francois-philippe.champagne@parl.gc.ca

You Can Also Contact His Office On Parliament Hill At 613-995-4895 Or His Shawinigan, Quebec Office at 819-538-5291.

Call His Office At 613.992.2772 (Parliament Hill) or 613.692.3331.