The applicants and respondents entered into joint venture agreements to invest in commercial real estate projects through jointly owned companies.
The applicants discovered that the respondents were commingling funds, failing to make their required equity contributions, and diverting the applicants' funds to their own personal benefit and to companies they solely owned.
The court found that the respondents breached their contractual and fiduciary duties and were unjustly enriched.
The court imposed constructive trusts over several properties owned by the respondents, appointed a receiver over the respondents' assets, and cancelled the respondents' shares in the jointly owned companies where they had not contributed equity.
