Billionaire Frank Stronach Arrested on Decades-Long Sexual Assault Charges

Billionaire Frank Stronach Arrested on Decades-Long Sexual Assault Charges

Austrian-Canadian billionaire Frank Stronach was arrested on sexual assault charges covering decades, police said Friday. Frank Stronach is an auto parts billionaire, and the sexual assault dates back to the 1980s and as recent as 2023.

Frank was arrested on Friday, June 8, 2024, by Peel Regional Police and has been charged with five counts of rape, indecent assault on a female, sexual assault, and forcible confinement. He was granted bail on condition that he would make himself available at the Ontario Court of Justice in Brampton, Ontario, at a later date.

Billionaire Frank Stronach Arrested

Peel Regional Police Constable Tyler Bell has revealed that there has been more than one accuser but declined to give the exact number.

Tyler Bell said,

“Obviously, this is a high-profile case. Our special victims unit is bound to protect the victims, and in doing so, that’s why we are being vague. There is more than one victim, but we won’t confirm that number yet.”

Police have also appealed to the general public to come forward if they have information or have been victims.

Austrian-Canadian billionaire Frank Stronach founded Magna Auto Parts and has also had major investments in horse racing and dabbled in Austrian politics more than a decade ago. He is also the recipient of the Order of Canada, one of the country’s highest honors.

A Magna spokesperson, when contacted, said that Frank Stronach had relinquished control in 2010 and he ceased to have any affiliation with the company.

Magna spokesperson Dave Niemiec said in an email Friday evening,

“We have recently been made aware of the charges filed against Frank Stronach. Magna does not know about the investigation or the allegations that have been raised beyond what has been reported in the media.”

Dave added that the company would not comment further on the ongoing legal matter.

This is not the first time the Canadian billionaire has been involved in a legal tangle. In 2018, he had sued his relatives and associates for alleged misappropriation of $500 million.

Frank Stronach’s lawyer, Brian Greenspan, has said that his client denies all the allegations and will respond to all the charges. He added that his client is a respectable businessman and has been well-known for his philanthropy and will do everything to protect his reputation.

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