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.
Deborah McCoy – Is an investigative journalist and has over 17 years of investigation experience in both the private and public business sectors. Since joining CFN, Ms. McCoy has become a true advocate for victims of fraud and increasing the public’s awareness in fraud prevention.