May 29, 2018 –
Cosimo “Cosmo” Polidoro
1861 Una Road
Pickering, Ontario
Date of Birth: February 12, 1962
On May 15, 2018, Cosimo “Cosmo” Polidoro was found liable by the Ontario Superior Court of Justice in Toronto of contempt of court. The sentencing of Mr. Polidoro is to take place on July 16, 2018, at 361 University Avenue, Toronto.
The contempt of court proceedings against Mr. Polidoro were commenced due to the failure of Mr. Polidoro to account to the victims of a fraud of what he did with their funds, to report properly on his income, assets and liabilities, and to disclose the contact information for certain landowners.
On March 7, 2016, a group of investors of Italian descent invested $71,800 to purchase lots of land in the Highway 9 and Highway 27 area of Schomberg, Ontario. The investors trusted Mr. Polidoro because he was from their Italian community, because he was employed as a senior employee being a Construction Superintendent with a well-known construction company, and because he used an Ontario Real Estate Association Purchase and Sale Agreement form for the transactions.
An important provision of the Purchase and Sale Agreement to the investors was the provision that the investor’s funds would be held in a designated trust account by Mr. Polidoro. After obtaining their money, Mr. Polidoro failed to provide evidence that he had invested the funds as he represented, and he refused to return their money.
On July 14, 2016, the Ontario Superior Court of Justice issued judgment against Mr. Polidoro for $71,800, and ordered Mr. Polidoro to pay approximately $14,200 in costs, for a total judgment of $86,000. The Court declared that Mr. Polidoro was liable for fraud and breach of trust. The Court further ordered Mr. Polidoro to account for what he did with the Plaintiff’s funds in writing.
On July 21, 2017, the Ontario Superior Court of Justice issued judgment against Mr. Polidoro for contempt of court for failing to account for the investor’s funds. Mr. Polidoro was sentenced to 76 days jail to be served on weekends, and to pay $50,000 to the investors for their private prosecution. The total amount owing by Mr. Polidoro to the investors was $136,000.
On October 6, 2017, the Ontario Superior Court of Justice issued a further order that Mr. Polidoro pay the investors $4,500. This cost order resulted from Mr. Polidoro failing to attend jail to serve his sentence, and the investors having to bring a motion to have him surrender into jail. The total amount owing by Mr. Polidoro to the investors was $140,500 plus interest.
On November 24, 2017, the investors commenced a second contempt of court prosecution against Mr. Polidoro for his failure to disclose is full income and assets, including the purchase agreements that Mr. Polidoro alleged he held with land owners in Schomberg. Mr. Polidoro alleged that land owners in Schomberg were a Mr. Lance Sooters and a Mr. Michael Shelby.
On May 15, 2018, Mr. Polidoro was found liable for contempt of court. Other investors also obtained judgment of $82,000 plus $30,000 in costs against Mr. Polidoro on this date for other fake land transactions. The total amount owing by Mr. Polidoro to the investors is $252,500 plus interest.
July 9, 2018, is the date for sentencing and for an order of punitive damages as against Mr. Polidoro. The hearing will take place at the Ontario Superior Court of Justice, 361 University Avenue, Toronto.
The investors will be seeking additional cost orders against Mr. Polidoro for their private prosecution.
Unknown to the investors at the time of their investment was that Mr. Polidoro was on charge for fraud with the York Police. The York Police had not issued a press release with respect to their fraud charges. The York Police fraud charges also related to a complaint that Mr. Polidoro had solicited funds for a land transaction, and then not delivered and failed to return the investor’s their money.
The investigation of Mr. Polidoro is ongoing. Anyone with information of the income and assets of Mr. Polidoro, including any information of any land transactions that Mr. Polidoro has been involved in, is asked to contact Investigation Counsel PC. Information will be accepted on a confidential basis. Information can also be sent to us by phone, email, or through our law firm website information page:
Investigation Counsel PC
Fraud Recovery Lawyers
350 Bay Street, Suite 300
Toronto, ON M5H 2S6
416-637-3150
Fax: 416-637-3445
www.investigationcounsel.com
Press Release Re. Cosimo “Cosmo” Polidoro
