More than $1 billion of investors’ money has likely been lost in Ontario syndicated mortgage investments according to a Toronto real estate lawyer.
After more than 120 Chinese investors in the Greater Toronto Area were set to lose nearly $9 million in these kinds of investments, lawyer David Franklin estimates that’s just the tip of the iceberg.
“This is the smallest one I’ve ever seen for these types of deals,” Franklin told CBC News, after reviewing the contracts with Black Bear Homes.
Read more at CBC News
This article is summarized by Canadian Fraud News Inc.
Marina Burghard writes for Canadian Fraud News about fraud-related cases, whistleblower, jurisdiction, identity theft, consumer protection, etc. – essentially about scams and how to protect yourself against this kind of fraudulent criminal behavior. She holds a Master’s degree in Political Science where her interest in criminology grew. Besides fraud, Marina’s scientific interest lies in terrorism, extremism and how to deal with it as a society.