Frank Stronach, the billionaire founder of Magna International and former head of The Stronach Group which owns Pimlico Race Course and the Preakness Stakes, is facing multiple criminal charges including rape, indecent assault on a female, sexual assault, and forcible confinement in Canada. The allegations against Stronach span from the 1980s to as recent as last year.
Stronach was arrested and charged by Peel Regional Police outside Toronto. He was released 'on conditions' and will have to appear at the Ontario Court of Justice in Brampton on July 8. There is more than one victim but the police won't confirm how many.
Stronach, who is 91 years old, categorically denies the allegations and looks forward to maintaining his legacy as a philanthropist and icon of the Canadian business community.
The Stronach Group owned Pimlico Race Course in Baltimore for decades but reached an agreement earlier this year to donate it to the state. In 2018, Stronach sued his daughter Belinda Stronach and others in a plot to push him out of the company. The lawsuit settled in 2020, splitting the family fortune between two groups.
Stronach founded Magna International, one of the world's largest auto parts companies. Under his management, Magna tried to take over both Chrysler and Opel, the European arm of General Motors.
This is a developing story.