Investors say millions are missing and a businessman can't be found. How an alleged Ponzi scheme played out
CBC
A Toronto businessman accused in court filings of being one of two masterminds in a multimillion-dollar COVID-19-related Ponzi scheme can't be located as angry creditors, their lawyers and shadowy figures with ties to illegal gambling rings try to find him and their money.
Mark E. Cohen, who previously worked in the rental car industry at Toronto's Pearson International Airport, hasn't been seen at his North York home since August, according to documents filed with the Ontario Superior Court of Justice. The documents also say that he hasn't been in contact with investors for months.
While some of those investors have turned to the courts to challenge Cohen, others have taken matters into their own hands, CBC News has learned.
According to a source familiar with the situation, who is not authorized to speak publicly on the matter, some individuals with ties to illegal gambling rings in Woodbridge, north of Toronto, have made late-night visits to the 46-year-old's former home, and the homes of his family members, making violent threats and demanding to know Cohen's whereabouts to get their money back.
Cohen is facing three lawsuits accusing him of convincing investors to help him buy used cars that would be resold at huge profits amid the pandemic-triggered vehicle shortage last year.
None of the allegations against him or other defendants named in the filings have been proven in court.
Investors were promised returns of as much as 13 per cent a month on their investments. Some handed over more than $5 million before Cohen allegedly disappeared with their money, according to civil court filings. In total, lawyers for the plaintiffs allege Cohen stole more than $12 million.
Locating Cohen has proven difficult.
"I verily believe that Mark Cohen's whereabouts are presently unknown," wrote one plaintiff in an affidavit filed in court this past November. "He has refused to disclose his location since August 2021."
According to court records, Cohen has changed his phone number and blocked others from calling him.
Lawyer Justin Anisman represents nine plaintiffs who are suing Cohen.
"He's avoiding participation in this lawsuit for whatever reason. He hasn't fled the country but we haven't been able to locate him in person," Anisman said in an interview.
Instead, the court approved lawyers to serve Cohen by email as opposed to in person, which is the usual process.
Cohen did not respond to an email from CBC News.