Fortress of Lies: How I Dodged a $400M Scam
The Charlotte Street Scam: Fantasy, and Fraud
Let me tell you a little story about how I dodged a bullet—and why you should always trust your gut in this business.
About ten years ago, I was eyeing a site at 46 Charlotte Street in downtown Toronto. Decent location, solid potential, the kind of place that might have worked if it was in the right hands. So, I picked up the phone to see if the owners—Fortress Real Developments—were open to selling.
On the other end? Vince Petrozza. Co-founder of Fortress. Now, officially, a convicted fraudster. Back then, just another smooth-talking sales guy peddling a dream.
Two minutes into the call, I knew something was off. Vince had that pitchman energy—too slick, too polished, too quick to promise the world, and way too vague on the details. The site? Oh, it was a “can’t miss.” The upside? Guaranteed.
But here’s the thing:
The building they were proposing at 46 Charlotte? It was never going to get approved.
Anyone with a shred of experience in development could see that. It wasn’t a case of ambitious optimism—it was flat-out fiction.
And yet, they based their entire valuations on that fantasy. That’s not just dreaming big—that’s lying to people, plain and simple.
I hung up the phone and said to myself:
“This guy’s a crook. There’s no way I’m getting involved.”
It Wasn’t Just Me
Truth is, the whole industry was whispering about Fortress.
The math didn’t make sense.
The valuations were based on wishful thinking.
The commissions they paid to brokers? 800% higher than anything I’d seen in my career.
It reeked of fraud.
And here’s the kicker—people I knew were getting hit with lawsuits and legal threats just for trying to call it out. Word was, Fortress would unleash their lawyers—Norton Rose, no less—on anyone who dared to speak up. I heard stories of defamation letters flying around, people being bullied into silence, and the whole thing being kept alive by fear and intimidation.
It Reminds Me of The One
You know what this all reminds me of?
That time I got on the phone with Sam Mizrahi, the so-called "developer" behind The One—the tallest residential building in Canada…or at least, it was supposed to be.
Same vibe. Same slick pitch. Same promises of guaranteed success.
And the same feeling in my gut: “This doesn’t add up. This guy is going to blow up.”
Fast-forward to today, and what do we have?
Fortress: $400 million gone, retirees wiped out, guilty verdicts handed down.
The One: Years behind schedule, over budget by hundreds of millions, lawsuits flying, lenders circling, and the whole project teetering on the edge.
Different players, same game.
The Punchline?
Vince and Jawad—found guilty of fraud—walked out of court. They’ll appeal. They’ll drag this on for years. And they’ll go back to their mansions and Raptors floor seats, while the victims—the folks who trusted them—get nothing.
Because in Canada? Financial crime pays.
The Lesson
Listen: If the math doesn’t make sense, it doesn’t matter how big the law firm is, how glossy the marketing is, or how smooth the sales pitch sounds—walk away.
Some of us in this business build real things. Some of us create real value. And some of us?
Some of us are just grifters with a press release and a lawyer on speed dial.
And Don’t Think It’s Over
Let me be clear: There are still bad actors out there—Fortress alumni, still circling, still hustling, still looking for the next mark.
Scumbags still pulling scams, peddling bullshit for fees, acting like they’re “consultants” or “advisors.”
One of them—who will remain nameless here—is still in the game. He’s available for hire, and if you’re willing to pay him, he’ll put anything on paper to help you secure financing or "assist" your lenders.
Same old song. Same bad actors.
The Ironic Twist
And here’s the kicker:
After Fortress lost 46 Charlotte Street, the site passed to another nobody—another failed dreamer. And then, eventually, it landed in the hands of a real developer.
What was an utterly ridiculous and unrealistic valuation in 2016—based on pure planning lies—has, in 2024, become reality.
The site has now been approved for even more height and density—this time, completely within the actual planning framework of the area.
So yeah… Fortress was wrong. But if you wait long enough, sometimes even a fantasy becomes reality—just not for the guys who tried to sell it to you in the first place.