Locked out Millionaire in You owner also runs closed Jakobstettel Inn
The Waterloo headquarters for the Millionaire in You Wealth Institute, owned and run by Daniel P. Reeve, has been taken back by the landlord for nonpayment of rent.
Mat Wolf, a principal in Solowave Investments, the landlord for the property at 423 King St. N., said his company changed the locks and took back the premises on April 16, 2009.
Wolf said Solowave tried for weeks to meet with Reeve in an effort to make arrangements to get back rent owed, but each meeting was deferred by Reeve.
"We have had no success in actually meeting with him and we went through a process of making a formal demand for the rent arrears," Wolf said.
Reeve is also the president of Jakobstettel Properties Inc., which ran Jakobstettel Inn in St. Jacobs until its sudden closing in early April.
The inn property on Isabella Street is in power of sale proceedings because of defaults on the mortgage.
Reeve said on an April 17 the Record interview that he hopes to meet with the landlord of the Millionaire in You office to work out an arrangement to reopen the office.
He also said that he is "in the middle of refinancing" the business.
Reeve also used to head Daniel P. Reeve and Associates Financial Services Inc. and was the "chief visionary officer," for DPR Financial Inc. Now, both websites, www.dpr-financial.com. and www.themillionaire-inyou.com, are no longer functioning.
Another site, www.corporateangel.ca, was still functioning as of April 17. It advertises Reeve's books such as The Millionaire Mortgage, which claims to show people how to "turn your mortgage from being a burden of debt into a high-earning investment vehicle," and do so "without even changing your cash flow."
The Millionaire in You Wealth Institute offices in the 5,000-square-foot building opened in November 2007.
The office was to be a state-of-the-art "command centre" for the Millionaire Group and its affiliated businesses that encompassed Millionaire Travel, Millionaire Executive Services, Millionaire Mortgages and other businesses.
Waterloo Regional Police are now "reviewing" 35 complaints about products offered by various businesses headed by Reeve, Staff Sgt. Wally Hogg said in mid-April to the Record.
In an interview on April 8 with the Record, Reeve said his companies have done nothing wrong and he is confident that nothing further will come from the review.
Reeve also said at the time that the Jakobstettel Inn was closed because he was training new staff. He said he planned to reopen it on April 21.
Former suppliers to Reeve's businesses say they also are owed money. Daniel Tuka of The Essential Image in Waterloo said he is owed $5,000, plus material costs, on a project completed about eight months ago to produce promotional DVD discs for The Millionaire in You Wealth Institute.
People who paid deposits for weddings that were booked at the Jakobstettel Inn are also trying to get their money back.
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