Bank of Montreal loses millions to sophisticated mortgage scam: CBC
Posted on
May 4, 2010
by
Norm Fisher, Royal LePage Vidorra
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).
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Norm Fisher
Royal LePage Vidorra
The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in
accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification.
The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA).
Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.
$(document).ready(function () {
var allBoxes = $("#mrp-container10 div.weblet_web-syndication").children("div");
transitionBox(null, allBoxes.first());
});
function transitionBox(from, to) {
function next() {
var nextTo;
if (to.is(":last-child")) {
nextTo = to.closest("#mrp-container10 .weblet_web-syndication").children("div").first();
} else {
nextTo = to.next();
}
to.fadeIn(500, function () {
setTimeout(function () {
transitionBox(to, nextTo);
}, 7000);
});
}
if (from) {
from.fadeOut(500, next);
} else {
next();
}
}
