Toronto (August 12, 2019) – Derek Scheinman was arrested in relation to a $20 million mortgage investment fraud, according to the York Regional Police. He is charged with defrauding the public, fraud over $5,000, possession of the proceeds of crime, laundering proceeds of crime, and falsification of documents.
The 42-year old ran the investment company ‘New Horizons Mortgage Investment Corporation’ from 2004 to 2017. In 2017, a former client came forward to the police and reported that she was a victim of a mortgage investment fraud. Consequently, the York Regional Police Financial Crimes Unit started its investigation and detected 33 more victims who were defrauded of a total of $20 million.
The suspect was arrested on July 31, 2019, at a hotel in the city of Barrie and was scheduled to appear in Court on August 9, 2019.
The investigation is still ongoing. Anyone with information is asked to contact the York Regional Police Financial Crimes Unit at 1-866-876-5423, ext. 2486, or call Crime Stoppers at 1-800-222-tips or leave an anonymous tip online at www.1800222tips.com.
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.