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Bank of Montreal loses millions to sophisticated mortgage scam: CBC

According to the CBC, the Bank of Montrealis suing hundreds of people in Alberta, including lawyers, mortgage brokers and four of its own employees, in what is one of the largest alleged cases of mortgage fraud in Canadian history.


Legal documents obtained exclusively by CBC Newsallege the bank was the target of a sophisticated fraud operated by 14 inter-connected groups. The documents allege the scheme generated at least $140 million, about $70 million of which was for phoney mortgages.


Read more here.


Update: BMO's fraud claims won't be probed (Police decline on criminal investigation).


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Royal LePage Vidorra

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