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HomeCanadaWARMINGTON: Canadian business tycoon accused of serious sex crimes

WARMINGTON: Canadian business tycoon accused of serious sex crimes

Billionaire founder of Magna International faces charges over allegations spanning decades

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For Frank Stronach, it may have started like a normal Friday, a day in which he had lunch with his associates, talked about his projects, and looked toward the future.

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However, it ended up being anything but a normal day for the Canadian business legend.

Peel Regional Police announced Friday night that the 91-year-old man has been charged with serious sexual offenses dating back decades and that allegedly occurred as recently as last year.

The news shocked those close to the billionaire business magnate and quickly spread across the country and throughout the United States, where he still does business.

“On June 7, 2024, Frank Stronach was arrested and charged with five criminal offences: rape, indecent assault on a female, sexual assault x2 and forcible confinement,” police said in a statement.

Stronach was charged but not arrested. The former president of Magna International was released on a promise to appear in court.

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The investigation is ongoing.

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Police claim the alleged crimes spanned from the 1980s to 2023 and are “appealing to the public to come forward if they have any relevant information”.

If he knew he was being investigated, he did not reveal it to people close to him.

“I had no idea,” an associate who was having lunch with Stronach on Friday told the newspaper. toronto sun.

Another person who worked with him said he was only discussing business with Stronach and did not mention any concerns about a police investigation.

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However, police sources claim that Stronach had known for several months that there had been complaints from “multiple” women and that an investigation was underway.

Belinda Stronach watches the election results with her father, Frank, in Aurora.
Belinda Stronach watches the election results with her father, Frank, in Aurora. Photo by stock photo /toronto sun

Sun He also learned that after his lunch on Friday, Stronach traveled to the Peel Special Victims Unit office with his retained attorney and voluntarily surrendered.

Stronach was arrested without incident, formally charged, and was “cordial” in his dealings with officers.

Then he left with his lawyer.

Reached by phone Friday evening, attorney Brian Greenspan confirmed he represents Stronach.

“Mr. Stronach categorically denies the allegations of wrongdoing that have been brought against him,” Greenspan said. “He looks forward to the opportunity to fully answer the charges and maintain his legacy as a philanthropist and as an icon of the Canadian business community.”

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“Obviously it’s annoying, but it’s okay,” he said, adding that Stronach is “strong-willed.”

Lawyer Brian Greenspan appears here at a press conference in Toronto, Ontario.  on Friday, October 26, 2018.
Lawyer Brian Greenspan appears here at a press conference in Toronto, Ontario. on Friday, October 26, 2018. Photo by Ernest Doroszuk /Toronto Sun/Postmedia Network

Stronach is considered innocent until proven guilty and these charges have not been proven in court.

The date of his first court appearance has not yet been made public. No restrictions are believed to have been placed on him as he awaits his day in court.

In addition to being known as the founder of Magna International, Stronach is also an icon in the horse racing industry.

The nine-time Sovereign Award winner has owned dozens of champion racehorses over many decades and owns several racetracks through the Stronach Group, including Pimlico Race Course in Baltimore, Maryland, and Santa Anita Park in Arcadia. , California.



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Lately, Stronach has focused on investing in small businesses, as well as his organic restaurant in Aurora, where he often meets with business associates, similar to what he did for decades at the Magna Golf Course.

Many people are excited about his upcoming projects, including the development of a three-wheeled electric microcar.


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