Four companies owned by Thomas G. Assaly have now been declared bankrupt following the appointment of Doyle Salewski Inc. as Receiver over those companies. The Receiver has found that moneys from these companies, many of which funds were solicited from our clients as investments in real estate developments which did not proceed, were collapsed into a charitable foundation known as the Assaly Millennium Research and Charitable Foundation (the “Foundation”). The Foundation moneys were later transferred into the United States. Mr. Assaly and his spouse, Karen Floyd Assaly, are scheduled to be examined in Ottawa on September 26th and 27th.
For more information see the latest article from the Ottawa Citizen reporting on this matter: