120 investors likely lost $9M in syndicated mortgages tied to convicted fraudster

Supported By:

Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

More than 120 people from the Greater Toronto Area’s Chinese community have likely lost nearly $9 million in syndicated mortgage investments after loaning money to a convicted fraudster.

Dominic Ha, a registered mortgage agent, presented an investment seminar advertising a 12 per cent interest on a short-term loan. The loan would be a part of a syndicated mortgage, which is when a borrower finds more than one private lender to invest money in a property instead of going to a bank.

In this case, the borrower was Black Bear Homes, a developer in Fort Erie, Ont.

After examining Black Bear’s syndicated mortgage contracts, ledgers and investors stories, Bill Vasiliou, a certified fraud examiner, said, “this is open fraud.”

Read more at CBC News

This article is summarized by Canadian Fraud News Inc.