Mortgage fraud could rise with tighter lending rules, warns broker

Cases of mortgage fraud are likely to rise as new rules tighten borrowing requirements in Canada, says a mortgage broker.

Multiple companies and their owners charged with conspiracy to commit fraud and rig bids for condo refurbishment contracts in the GTA

The Competition Bureau announced that it has laid multiple criminal charges against four companies and three individuals in connection with an alleged conspiracy to commit fraud and rig bids for condominium refurbishment services in the Greater Toronto Area.

Two men arrested in unconnected mortgage fraud cases

Guelph (July 24, 2020) – The police arrested two men in two unconnected mortgage fraud cases. On July 20, Guelph police laid 31 charges against the former mortgage broker, Charn Ghuman, following an eight-years fraud investigation. The Guelph man allegedly collected...

Casting a light on elder financial abuse on World Elder Abuse Awareness Day

June 15, 2020 – Elder abuse is a serious and growing problem. June 15 is the ‘World Elder Abuse Awareness Day’, which provides an opportunity for communities to promote a better understanding of the abuse and threats that older persons are facing by raising awareness...

Mortgage broker charged in connection with financial elder abuse

Winnipeg (January 24, 2020) – The Manitoba Securities Commission (MSC) laid numerous charges against Manitoba mortgage broker, Bret Allan Dobbin, in connection with financial elder abuse. He is facing 18 counts in violation of The Securities Act and 36 counts in...

‘Victims of Syndicated Mortgage Investments’ fight back against regulator and the Law Society of Ontario

Toronto (September 16, 2019) – The collective ‘Victims of Syndicated Mortgage Investments’ (VOSMI) demand further investigations in the conduct of their lost syndicated mortgage investments. After, they were poorly informed about the potential risks that come with...

Almost a quarter of millennials think it’s okay to lie on mortgage applications, according to Equifax survey

Toronto (September 9, 2019) – The results of the most recent Equifax survey suggest that nearly a quarter of Canada’s millennials (23 per cent) think, it’s okay to lie about their income on mortgage appications. That is almost double the amount of the general...

Mortgage and vehicle sale fraud brings remorseful fraudster five-year prison term

Calgary (July 25, 2019) – Giovanni Bartolotti has been sentenced to five years imprisonment and to pay restitution of $161,665 for mortgage and vehicle sale fraud. Crown prosecutor Steven Johnston and defense counsel Peter Hoare offered a joint submission to the Court...

Alleged ‘shadow’ mortgage broker implicated in dozens of shady deals

Jan. 9, 2018 (courtesy of CBC.ca)- B.C. financial authorities have identified a woman accused of acting as a 'shadow' mortgage broker by feeding altered tax documents to licensed professionals on behalf of dozens of people who wouldn't otherwise qualify for loans. The...

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 $5.5...

Mortgage Fraud

Casting a light on elder financial abuse on World Elder Abuse Awareness Day

Casting a light on elder financial abuse on World Elder Abuse Awareness Day

June 15, 2020 – Elder abuse is a serious and growing problem. June 15 is the ‘World Elder Abuse Awareness Day’, which provides an opportunity for communities to promote a better understanding of the abuse and threats that older persons are facing by raising awareness...

read more
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

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 letter to...

read more