A condo corporation in Concord, Ontario, has accused its former property manager, Norbert “Bert” Berger, of orchestrating an elaborate plan to invest $200,000 of legally protected reserve funds into a high-risk venture. Berger is alleged to have misled the board by presenting the investment as a safe “guaranteed investment certificate” that complied with condominium legislation restricting high-risk investments of capital funds. This is the second instance where a corporation has raised concerns about Berger’s involvement in an investment scheme with Pink Piggy Investment Group Inc.
In a similar incident reported by The Globe and Mail in 2023, another condominium had fallen victim to a comparable investment pitch by Berger, leading to legal action, regulatory scrutiny, and ultimately, the suspension of his licence—which snowballed into a permanent ban in 2024 following a strongly worded tribunal ruling. The allegations became more serious after a residential consortium noted irregularities when a scheduled payment was missed and authorities discovered that Pink Piggy was not registered to trade securities.
Further complications emerged when the new property manager for one of the affected condominiums began requesting detailed records of the disputed transaction. Berger’s unresponsive behavior, including offering a cheque as partial remediation while providing dubious explanations—such as an “auto-renewal” of the investment—only deepened suspicions. Legal representatives for the condo are now pursuing recovery of the funds and additional damages, illustrating broader concerns about mismanagement and a breach of fiduciary duty.
This unfolding saga underscores the challenges faced by condo boards in safeguarding funds, especially when relying on third-party managers. Despite the regulatory body’s power to revoke a manager’s licence, affected corporations are turning to civil litigation to recover misappropriated funds, highlighting a critical gap in the current regulatory framework.
9 Comments
G P Floyd Jr
“This text seems biased. It only highlights one side of the story and ignores any possible explanations or mitigating factors.”
Martin L King
“When personal interests override professional responsibilities, everyone suffers. Berger’s actions must be scrutinized.”
Rolihlahla
“This piece is a wake-up call. We need better safeguards to protect public money and prevent future scams.”
Martin L King
“I wouldn’t trust any narrative until all the legal proceedings are done. Public shaming before a verdict is dangerous.”
Muchacha
“Kudos to the new property manager for demanding transparency. It’s a step in the right direction to fix systemic issues.”
Michelangelo
inadequate regulation allows unethical practices to thrive.”
Karamba
“This seems like a repeat of old news being recycled for clicks. We need better investigative journalism.”
Cerebro
“I stand with the affected condominiums. Institutional transparency is key, and this text underscores that necessity.”
Loubianka
“Before we all call for bans and legal action, let’s see the court’s decision. Premature condemnation won’t fix mismanagement.”