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Resource ID: #18156
Subject: Fraud
Source: Toronto Life Magazine
Date: 2024-06-22



"They fell in love at Saltfeet District High School in Stoney Creek. Thirty years and $100 million later, they were on the run, the culprits behind one of the biggest financial scandals in Canadian history," reports Toronto Life. The article follows the story of Ron and Loren Koval, founders and rulers of King's, a medical facility in Toronto, as well as owners of a financing company called BACC Capital Corp. The investigation reveals that the latter company, "which was matching corporations and hospitals in need of costly equipment with lenders willing to finance" it, was falsifying the lease contracts for nonexistent equipment. The scam also involved transferring the money from the fraudulent contract to King's, and from King's to shell companies.

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