Financier Michael Wekerle being sued for over $1-million
Posted Jan 22, 2015 04:00:23 PM.
This article is more than 5 years old.
Financier Michael Wekerle is being sued over a million dollars by a former associate.
The Globe and Mail reports portfolio manager Rohit Sehgal is owed $1.3-million from the sale of a New York property.
The paper reports Sehgal has pursued payment from Mr. Wekerle for months and now wants him “adjudged bankrupt and that a bankruptcy order be made in respect of [Mr.Wekerle’s] property.”
Adjudged Bankrupt means to be legally declared by a court or judge to be financially insolvent.
Wekerle, who is known in Waterloo region for purchasing former BlackBerry property and turning it into an innovation hub, has filed a notice of dispute saying he plans to oppose the bankruptcy application.
Wekerle says he was unable to meet a December margin call because he was ‘asset rich and cash poor.’
