Guelph developer declares multiple bankruptcies and faces allegations of operating a Ponzi scheme
It’s the $70-million question: where is the money?
A prominent Guelph developer has declared bankruptcy for multiple companies and is now being accused of operating a Ponzi scheme with international ties.
Over the past two months, Scott Reid, owner of Reid’s Heritage Properties (RHP), has filed for personal bankruptcy, as well as for companies that are part of his real estate business.
The developer is now at the centre of a civil suit claiming he misled investors to the tune of $70 million. A statement of claim against Reid’s Heritage Properties was filed Aug. 1 in Guelph.
