Canadian Billionaire Stronach Faces an Avalanche of Sexual Assault Charges

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Frank Stronach, the 91-year-old Canadian billionaire and founder of the Stronach Group, currently faces eight additional charges of sexual assault. Authorities have stated that more victims have recently come forward, contributing to the heightened accusations against Stronach. With allegations racking up on Stronach’s record, the former mogul’s voice is only heard echoing through his lawyer’s verdict of vehement denial.

Stronach was first arrested three weeks ago, initially charged with various cases of sexual violation including rape, indecent assault on a female, sexual assault, and forcible confinement. Now, in light of new information, he is additionally charged with six counts of sexual assault, one count of attempted rape, and another count of indecent assault against a female, as detailed in court documents. The alleged incidents span across several years, dating from 1977 to February of this year.

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Stronach, now in his nineties, is best known for his association with the Stronach Group, which trades as 1/ST and stands tall as the largest thoroughbred racetrack owner in the United States. This substantial conglomerate also runs training centers and simulcast operations nationwide. Among its array of assets are the Santa Anita racetrack and Golden Gate Fields in California – the latter was shuttered this month – and the Gulfstream Park in Florida. On the other side of the country, the Pimlico Racecourse, the Laurel Racecourse, and the Rosecroft Raceway, all located in Maryland, also fall under Stronach Group’s holdings.

While Stronach’s name is teemed with these companies, he currently holds no position in the Stronach Group. His daughter, Belinda Stronach, now leads as the chairman, CEO, and president. Through Stronach’s legal representative, Brian Greenspan, he stresses an aggressive defense against these allegations that span back several decades.

Stronach’s past reveals a rags-to-riches tale that roots back to his birthplace of Austria, where he left for Canada in the late 1930s with little more than a dream. His journey of upward mobility began in 1957 when he opened a small machine shop. From those humble beginnings, Stronach was able to transform his operations into a massive global auto parts business, Magna International, which today ranks among Canada’s largest companies and stands as the largest auto parts manufacturer in North America.

Capping off his already impressive ventures, Stronach, an avid racing enthusiast, acquired Santa Anita in 1998 for $127 million, subsequently erecting the Stronach Group in 2011 with his daughter. He stepped down from his position two years later with an ambition to dip his toe into Austrian politics and advocate for free-market neoliberalism.

While Stronach’s wealth and success have painted an image of invincibility, his life is not devoid of conflict. In 2018, he sued his daughter and other family members over claims of corporate mismanagement; the case was settled in 2020, with the award of a stallion and breeding business granted to Stronach. In 2017, his estimated net worth sat at approximately $2.2 billion, according to Canada Business.

The Stronach Group has responded to the news of the serious charges against its founder with an official declaration, underscoring that Frank Stronach has not held nor been involved in any capacity with company operations for several years. The company stated that the matter is now before the courts, further detailing would be dealt with in the appropriate forum, and thus, had nothing else to add.