TORONTO – A former St. Michael’s Hospital executive adn an entrepreneur have been found guilty of fraud related to the collapse of construction giant Bondfield Construction,a scandal that disrupted multiple public projects including the ongoing expansion of the Cambridge hospital. Vas Georgiou, the former hospital executive, and John Aquino, Bondfield’s principal, were convicted following a lengthy trial examining the embezzlement of funds and fraudulent practices that led to the company’s 2018 bankruptcy.
The convictions stem from a scheme to embezzle over $33 million from Bondfield and a related family business in the years leading up to the insolvency. Court documents reveal Mr. Aquino and associates diverted funds while together securing lucrative public contracts, including the St. Michael’s Hospital expansion. Though the hospital project continues-now slated for completion next year-its original 2019 deadline was derailed by Bondfield’s financial woes.Mr. Georgiou resigned from the hospital in November 2015 after The Globe and Mail reported his undisclosed ties to Mr. aquino during the bidding process.
Subsequent audits and legal proceedings revealed the extent of the fraud. The courts ordered Mr.Aquino and his associates to repay the embezzled funds. Their appeal to the Supreme Court of Canada was rejected last fall in a separate matter. Mr. Aquino was declared bankrupt in June 2025, with debts exceeding $37 million, according to court filings.
Suppliers and insurers pursued legal action against Mr. Aquino, further exposing the financial fallout from Bondfield’s collapse. The expansion of St. Michael’s Hospital, a critical infrastructure project for the city, includes a new 17-story tower, additional operating rooms, and an expanded emergency department.
With information from CBC.
