A motion before a Canadian court was denied earlier this month, which prevents the motion by the estate of Thomas C Assaly from receiving $3.8 million in assets from the Millennium Educational & Research Charitable Foundation. Assaly was a developer that founded the foundation in Ottawa, Ontario and his son Thomas G. Assaly misappropriated investor funds for personal use, including renovating a mansion in Florida where he lived with his family, by funneling the investor funds through the foundation, according to court filings. The ruling that blocks the estate from recovering from the foundation gives the wronged investors a potential opportunity to recover, but the process is expected to be lengthy and more legal battles are expected.
See Don Butler, Assaly Estate Loses Bid for Charitable Foundation’s Assets, Ottawa Citizen, Oct. 20, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
