https://www.thestar.com/news/article/881639--hookers-and-booze-your-tax-dollars-at-work
David Scenna is the alleged mastermind of fraud against Canada's small business loan plan
Millions of dollars in federal small business loan money was blown on prostitutes, booze, partying and fast cars. A Toronto Star investigation shows the department managing the program — Industry Canada — allows banks to loan money with lax or no controls.
In one case, at least 16 loans — more than $4 million doled out $250,000 at a time over eight years — were given to a loosely associated group of GTA businessmen whose leader’s past included bankruptcy and a poor credit rating.
The businessmen defaulted on each loan, but banks always approved another. Taxpayers’ money usually refunds banks when loans go into default.
David Scenna is the alleged mastermind of fraud against Canada's small business loan plan
Millions of dollars in federal small business loan money was blown on prostitutes, booze, partying and fast cars. A Toronto Star investigation shows the department managing the program — Industry Canada — allows banks to loan money with lax or no controls.
In one case, at least 16 loans — more than $4 million doled out $250,000 at a time over eight years — were given to a loosely associated group of GTA businessmen whose leader’s past included bankruptcy and a poor credit rating.
The businessmen defaulted on each loan, but banks always approved another. Taxpayers’ money usually refunds banks when loans go into default.
