Multiple Companies Linked to Todd Slater’s SIREG Real Estate Group File for Insolvency
At least 14 companies associated with the Simple Investor Real Estate Group, founded by former talk-radio host Todd Slater, have filed for bankruptcy. An estimated $100 million from hundreds of investors is at risk as rent and dividend payments have been suspended and properties are deemed unfinanceable.
At least 14 companies associated with the Simple Investor Real Estate Group (SIREG) have filed for bankruptcy, placing an estimated $100 million in capital from hundreds of small investors at risk. The insolvencies involve multiple rental-property companies founded by Todd Slater, a former talk-radio host and real estate investor.
Over the past decade, SIREG purchased multifamily rental buildings across Ontario—including properties in North Bay and Brockville—and converted them into condominiums. The group marketed itself as a simple way to invest in real estate through two models: buying converted condo units to collect rent, or contributing capital to joint ventures for new rental building conversions that promised high interest returns.
An email sent to stakeholders on September 18 warned that future rent or dividend payments were being suspended due to "liquidity challenges." A subsequent email on September 23 stated that Slater had stepped away from management for health reasons. AlixPartners Restructuring Inc. has been appointed as SIREG's insolvency trustee, while Adam Zalev of Reflect Advisors is acting as Chief Restructuring Officer.
Investor Marcin Migdal estimates that 20 condo or rental buildings and more than $100 million in cash borrowed from hundreds of small investors are now at risk. Migdal himself made a $250,000 investment in the group. Insolvency notices warn condo owners that they cannot break their property-management agreements with SIREG without court approval.
Concerns about the viability of SIREG investments have also emerged from the mortgage industry. Ron Butler, president of Butler Mortgage, advised that research revealed serious issues with SIREG condo corporations, including empty reserve funds, unfinished engineering reports, and registered loans. Butler Mortgage states that SIREG properties are "completely unfinanceable," which could force cash-only sales and result in roughly a 66-per-cent price discount.
Legal challenges preceded the insolvency filings. In a civil claim, Janvier Kenmoe and Joan Ngasa alleged that they borrowed $500,000 in 2021 to invest in a SIREG joint venture, SIREG 1-4 Balmoral Inc., which promised a 60-per-cent return over two years. By August 2025, the agreement was three years overdue. The claim further alleged that SIREG failed to perform "know your client" due diligence, as Kenmoe was not an accredited investor under securities law. That civil case was settled subject to a confidentiality agreement, and no statement of defence was filed.