Condo manager suspended after using reserve funds to buy cryptocurrency
A condominium corporation’s decision to spend $500,000 on a cryptocurrency product called “Pink Piggy Investment Group” has resulted in the suspension and potential revocation of the license of the condominium manager.
The Condominium Management Regulatory Authority of Ontario (CMROA) said that it had carried out an inspection of Bert Berger’s business, L&H Condominium Management after it “became aware of concerning allegations about a licensed condominium manager’s involvement in a condominium corporation’s reserve fund investments.”
In a Globe story published Sept. 20, Mr. Berger alleged there was “no harm, no foul” in the transfer of $500,000 from the reserve fund of a condo he managed – York Condominium Corp. No. 25 in Etobicoke, Ont. – into a crypto-backed investment certificate.
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