I am 70 year old retired Israeli Immigrant who has been living in Toronto for 30 years. I do not speak or write English very well and I had my teenage son write this article for me.
Before I went into business with Nick and Camillo Resciniti, I was worth approximately $3 million dollars and I owned 3 successful rental properties on Sheppard Avenue West in Toronto. I used the rental profits from these properties as my main source of income.
The Resciniti Brother stole all my money and properties and I am now living on a pension and salvaging scrap metal to survive. While the Resciniti Brothers stole my money and are living in the richest parts of Toronto. This is my story:
In 2009 I was approached by Nick Resciniti and Camillo Resciniti to partner with them on developing 3 large rental properties I owned on Sheppard Avenue West in Toronto into high rise Condos. The 3 properties we valued approximately 2.5 million dollars CAD.
Nick and Camillo Resciniti offered to pay for all development fees and construction costs if I put up the land and we would split the profits 50/50.
We estimated that we can each make a return of $3 million dollars.
I had known the Resciniti brothers for years and did some work with them. They were always polite to me. Nick was very charming, but now I know he is a professional scammer. I would suggest not to ever trust this man.
The deal sound really good to me so we created a corporation, opened bank accounts, and I was told that they were putting a plan together to start development. I trusted them and I relied on their experience and expertise to start developing the land.
Unbeknown to me, Instead of injecting money into the property, they ended up stealing tens of thousands of dollars of rental income for years and not making the mortgage and property tax payments in full.
When I asked them why they were taking money out of the account instead of injecting money in like they said they would. They told me their funds were tied up, and they need our money for now to get city approval and pay for architect fees. Once everything was approved they would inject all the funds in to start the project.
THIS NEVER HAPPENED! They kept taking the funds out of the account and only paying a small portion of the mortgage so they could stall the Power of Sale. They did this for over 2 years.
I lived in one of the small apartments in the property but barely never had enough to survive. I tried to stop them from taking more money from the accounts at the bank, but they told me I can’t stop because their names are on the accounts.
I went to the police and told them what was happening and they told me to go see a lawyer. But I had no money to give to a lawyer!! They took it all. This was their plan from the beginning, the left me broke so I could not fight them in court. I started to approach the tenants and ask them pay me their rent in cash, so the Resciniti Brothers could not take the money. I did this for a few months, and told the brothers to pay the mortgage from the money they took. They said they would but never did.
The bank then started Power of Sale proceedings because the Resciniti brothers were not making the mortgage payments.
Nick and Camillo told me they had a buyer who was going to pay a lot of money for the properties and all of my money would be returned to me on the sale. They told me they had a lawyer named Sherwin Shapiro who worked in their office and that he would make sure everything with the sale went well and I would get my money. Sherwin Shapiro told me he was my lawyer and asked me to sign some documents to make sure the transaction went through.
We sold the property for around 3 million dollars, but they took all the money from the Shapiro and didn’t leave me with anything!!!
I am broke and cannot afford my bills and to feed me and my son. Nick and Camillo told me that they will pay me the money they owe me every month. But they never do. They keep saying next month, next month.
I know that they have done the same scam to other people. I am looking for other people who have been scammed by Nick and Camillo Resciniti and their lawyer Sherwin Shapiro so we can go together to the police and the newspapers.
Americorp Enterprises Reviews
I am 70 year old retired Israeli Immigrant who has been living in Toronto for 30 years. I do not speak or write English very well and I had my teenage son write this article for me.
Before I went into business with Nick and Camillo Resciniti, I was worth approximately $3 million dollars and I owned 3 successful rental properties on Sheppard Avenue West in Toronto. I used the rental profits from these properties as my main source of income.
The Resciniti Brother stole all my money and properties and I am now living on a pension and salvaging scrap metal to survive. While the Resciniti Brothers stole my money and are living in the richest parts of Toronto. This is my story:
In 2009 I was approached by Nick Resciniti and Camillo Resciniti to partner with them on developing 3 large rental properties I owned on Sheppard Avenue West in Toronto into high rise Condos. The 3 properties we valued approximately 2.5 million dollars CAD.
Nick and Camillo Resciniti offered to pay for all development fees and construction costs if I put up the land and we would split the profits 50/50.
We estimated that we can each make a return of $3 million dollars.
I had known the Resciniti brothers for years and did some work with them. They were always polite to me. Nick was very charming, but now I know he is a professional scammer. I would suggest not to ever trust this man.
The deal sound really good to me so we created a corporation, opened bank accounts, and I was told that they were putting a plan together to start development. I trusted them and I relied on their experience and expertise to start developing the land.
Unbeknown to me, Instead of injecting money into the property, they ended up stealing tens of thousands of dollars of rental income for years and not making the mortgage and property tax payments in full.
When I asked them why they were taking money out of the account instead of injecting money in like they said they would. They told me their funds were tied up, and they need our money for now to get city approval and pay for architect fees. Once everything was approved they would inject all the funds in to start the project.
THIS NEVER HAPPENED! They kept taking the funds out of the account and only paying a small portion of the mortgage so they could stall the Power of Sale. They did this for over 2 years.
I lived in one of the small apartments in the property but barely never had enough to survive. I tried to stop them from taking more money from the accounts at the bank, but they told me I can’t stop because their names are on the accounts.
I went to the police and told them what was happening and they told me to go see a lawyer. But I had no money to give to a lawyer!! They took it all. This was their plan from the beginning, the left me broke so I could not fight them in court. I started to approach the tenants and ask them pay me their rent in cash, so the Resciniti Brothers could not take the money. I did this for a few months, and told the brothers to pay the mortgage from the money they took. They said they would but never did.
The bank then started Power of Sale proceedings because the Resciniti brothers were not making the mortgage payments.
Nick and Camillo told me they had a buyer who was going to pay a lot of money for the properties and all of my money would be returned to me on the sale. They told me they had a lawyer named Sherwin Shapiro who worked in their office and that he would make sure everything with the sale went well and I would get my money. Sherwin Shapiro told me he was my lawyer and asked me to sign some documents to make sure the transaction went through.
We sold the property for around 3 million dollars, but they took all the money from the Shapiro and didn’t leave me with anything!!!
I am broke and cannot afford my bills and to feed me and my son. Nick and Camillo told me that they will pay me the money they owe me every month. But they never do. They keep saying next month, next month.
I know that they have done the same scam to other people. I am looking for other people who have been scammed by Nick and Camillo Resciniti and their lawyer Sherwin Shapiro so we can go together to the police and the newspapers.