Second condominium alleges funds funnelled to cryptocurrency investment

A condo corporation in Concord, Ont., is alleging its former property manager, Norbert (Bert) Berger, made it “the victim of an elaborate conspiracy” to use $200,000 of its legally protected reserve funds to profit personally from risky cryptocurrency transactions.

It’s the second corporation to make similar allegations of an investment scheme involving a company called Pink Piggy Investment Group Inc., where Mr. Berger was a corporate officer and shareholder. The first incident came to light in a Globe and Mail investigation in 2023 that resulted in the suspension of Mr. Berger’s licence to manage condos. Ultimately, Mr. Berger received a permanent ban in 2024 in a scathing ruling from the Licence Appeal Tribunal. Vice-chair Colin Osterberg wrote: “The Tribunal can have no confidence that [Mr. Berger] is prepared to act in accordance with the law or with honesty and integrity in the future.”

York Region Commercial Condominium 652 is a mix of retail stores in a strip-mall style building at 3200 Steeles Ave. W. According to a statement of claim filed in Ontario Superior Court, it had contracted Mr. Berger for his management services for more than 20 years – most recently with his L & H Property Management Inc. company, with no issues.