The Nova Scotia Securities Commission (NSSC) has added Forex investment firm, Kaizen Group International Ltd,…
Edmonton man charged in $5.5 million Ponzi scheme
July 24, 2018 (Courtesy of CBC.ca) – Edmonton police say they have uncovered a multi-million dollar Ponzi scheme involving hundreds of fraudulent mortgage loans. Police allege Timothy Carruthers facilitated 257 fraudulent bridge mortgage loans worth a total of...
Allegations of inflated property values at centre of RCMP syndicated mortgage fraud investigation
July 19, 2018 (Courtesy of CBC.ca) -Inflated property values and the promotion of non-qualifying investments as being RRSP-eligible are some of the key allegations made by the RCMP in a search warrant application it filed to authorize an April raid on six Toronto-area...
Alberta RCMP lay charges in multimillion-dollar fraud case
May 29, 2018 (Courtesy of the Canadian Press) – RCMP have arrested and charged two people in a multi-million dollar fraud case involving hundreds of investors in Alberta. Investigators say two people in Calgary that operated a company called Base Finance Ltd....
Mortgage firm that raised funds for Fortress halts operations: FMP advises clients it is surrendering brokerage licence after several developments that have had negative impact
April 27, 2018 ( Courtesy of Globeandmail.com) – A mortgage brokerage firm that raised millions from investors to finance projects for Fortress Real Developments Inc. has notified clients that it is going out of business. FMP Mortgage Investments Inc. sent a...
Fortress used a third of investors’ money for commissions, fees, new documents show
April 24, 2018 (Courtesy of Globeandmail.com) – More than one-third of the money raised from investors to provide syndicated mortgage loans for Fortress Real Developments Inc.’s building projects was paid out as cash commissions to salespeople and as...