Toronto man col­lected EI while earn­ing $180K: po­lice

National Post (Latest Edition) - - CANADA - By Vic­tor Fer­reira

A Toronto man has been charged with fraud af­ter a po­lice in­ves­ti­ga­tion found he was col­lect­ing em­ploy­ment in­sur­ance ben­e­fits while al­legedly earn­ing more than $180,000 a year, con­ceal­ing own­er­ship of a house and liv­ing in a con­do­minium build­ing that’s “like a re­sort” — all af­ter declar­ing bank­ruptcy.

The Royal Cana­dian Mounted Po­lice say Guido Pan­ic­cia claimed he was re­ceiv­ing em­ploy­ment in­sur­ance ben­e­fits af­ter declar­ing bank­ruptcy. Ac­cord­ing to records from the Of­fice of the Su­per­in­ten­dent of Bank­ruptcy ( OSB), Pan­ic­cia had a bank­ruptcy hear­ing on Oct. 26, 2010. A debtor de­clared Pan­ic­cia’s to­tal li­a­bil­i­ties at $469,584 and his as­sets at $8,000.

Pan­ic­cia was dis­charged from bank­ruptcy in July 2011, RCMP said, but new in­for­ma­tion re­ceived by the OSB an­nulled the dis­charge.

In May, the Moun­ties opened a crim­i­nal in­ves­ti­ga­tion and al­legedly found Pan­ic­cia was work­ing and billing for ser­vices through a num­bered com­pany, 1791814 On­tario Ltd. He was re­port­edly earn­ing more than $180,000 a year.

R CMP Sgt. Penny Her­mann de­scribed Pan­ic­cia’s com­pany as a “con­struc­tion- in­dus­try type busi­ness.” She said there was no record of him be­ing paid for his ser­vices.

“It is al­leged that Mr. Pan­ic­cia was billing for his ser­vices un­der his cor­po­ra­tion and that there was no record of the pay­ment in­come go­ing to him per­son­ally,” she said.

RCMP also said Pan­ic­cia hid his 50-per-cent own­er­ship of a property, which was sold for $790,000.

“The house he is al­leged to have had own­er­ship in was not reg­is­tered in his name,” Her­mann said.

The records also show Pan­ic­cia was liv­ing in a lux­u­ri­ous One York Quay con­do­minium at Har­bourfront.

One York Quay con­sists of two tow­ers lo­cated at 77 Har­bour Sq., where Pan­ic­cia was liv­ing, and 99 Har­bour Sq. The build­ings con­tain 812 res­i­den­tial suites, bar lounge, restau­rant, health club, board room and li­brary. A pri­vate shut­tle bus ser­vice is pro­vided for ten­ants.

Matthew Himes, a Toronto real­tor spe­cial­iz­ing in con­do­mini­ums at One York Quay, de­scribed the de­vel­op­ment as be­ing “like a re­sort.”

“I don’t know many con­do­minium build­ings that have a restau­rant and a club right in the build­ing,” he said. “It’s definitely not a slum, that’s for sure.”

Prices for a one- bed­room condo range from $ 355,000 to $ 579,000, while a two- bed­room condo costs $530,000 to $970,000.

Himes said the main two groups of peo­ple liv­ing in the build­ings are the “young busi­ness pro­fes­sional” and “af­flu­ent re­tirees.”

Her­mann con­firmed the con­do­minium was not the property Pan­ic­cia was al­legedly hid­ing from debtors.

Pan­ic­cia faces a host of charges un­der the Crim­i­nal Code and the Bank­ruptcy and In­sol­vency Act, in­clud­ing con­ceal­ing property with the in­tent of de­fraud­ing cred­i­tors. He will ap­pear in On­tario court Fri­day.

The in­ves­ti­ga­tion was car­ried out by the RCMP, the On­tario Re­gion Spe­cial In­ves­ti­ga­tion Unit and the OSB.

Since Jan­uary 2014, the RCMP’s In­te­grated Bank­ruptcy En­force­ment Unit has charged 21 peo­ple and four cor­po­ra­tions with 121 of­fences un­der the Bank­ruptcy and In­sol­vency Act and 92 of­fences un­der the Crim­i­nal Code, with li­a­bil­i­ties to­talling about $ 104 mil­lion, the Toronto Sun re­ported.

I don’t know many (condo) build­ings that have a restau­rant and a club

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.