Multiple rental-property companies linked to Todd Slater, a former talk-radio host and real estate investor, have filed for insolvency amid growing concerns about their financial stability, according to bankruptcy records and investor communications reviewed recently.
Over the last decade, the Simple Investor Real Estate Group (SIREG), founded by Slater, acquired multifamily rental buildings across Ontario, which were subsequently converted into condominiums. The company also managed these properties, handling rent collection and distribution on behalf of investors. Slater marketed these real estate opportunities through online platforms and seminars, promoting them as straightforward investment options. Buyers could either purchase converted condo units directly to collect rent or participate in riskier joint ventures, contributing capital to acquire new rental properties slated for conversion while earning high returns.
On September 18, an internal email to SIREG stakeholders announced a suspension of future rent and dividend payments, citing “liquidity challenges.” Following this, SIREG appointed AlixPartners Restructuring Inc. as insolvency trustee, with Adam Zalev of Reflect Advisors named Chief Restructuring Officer, according to a September 23 communication sent to investors. The same email indicated that Slater had stepped away from management duties due to health reasons. Zalev declined to comment for this report.
At least 14 companies affiliated with SIREG, many owning individual properties, have filed for bankruptcy protection. Investors like Marcin Migdal, who owns a condo in North Bay and holds shares in two joint ventures, say they were initially reassured by ongoing payments, though returns on investments such as a $250,000 contribution expected three years prior have not been recovered. Migdal has since organized fellow investors for potential legal action, estimating that more than $100 million invested across approximately 20 properties may be at risk.
Insolvency notices issued to condo owners inform them that under Canada’s Bankruptcy and Insolvency Act, they cannot unilaterally terminate property management agreements with SIREG to collect rents independently, though owners may seek court permission to do so.
Court documents from a 2025 civil claim provide further insight into challenges within SIREG’s joint-venture business model. The claim, filed by Janvier Kenmoe and his wife Joan Ngasa, alleges they invested $500,000 in 2021 through a home-equity line of credit into “SIREG 1-4 Balmoral Inc.” — a Brockville rental property converted to condos in late 2025 — with a contractual promise of a 60% return over two years. By August 2025, the investment was overdue by a year, and the plaintiffs sought repayment. Emails reportedly from Slater cited delays in the condo conversion and sought additional time before correspondence ceased in October. The claim also alleged that SIREG failed to perform required “know your client” checks verifying Kenmoe’s status as an accredited investor, a regulatory requirement for certain exempt securities transactions. No defence was filed, and the case was settled under confidentiality.
The Ontario Securities Commission declined to comment on whether any investigations or complaints regarding Slater or SIREG were underway.
The difficulty for investors may extend beyond delayed payments. Ron Butler, president of Butler Mortgage, said his firm has advised several SIREG condo owners after discovering significant governance and financial concerns in the associated condominium corporations. These issues include depleted reserve funds, incomplete engineering assessments, and registered loans on the properties, making them “completely unfinanceable.” Butler noted that the lack of mortgage financing options could force sales to be cash-only, often resulting in substantial price reductions—potentially around 66% below market value.
Attempts to contact Slater or SIREG’s headquarters for comment over the past week have gone unanswered.