Mortgage

Toronto police investigating alleged mortgage fraud worth $5 million – Toronto

Toronto police investigating alleged mortgage fraud worth $5 million - Toronto
Written by Publishing Team

Toronto police are looking for a man accused of obtaining mortgages on other people’s property without their knowledge.

They say the scheme began in August 2020 and they claim the man secured more than $5 million in mortgages from lenders across the Greater Toronto Area.

Police say the man – who identified himself as Lucas – impersonated a private mortgage broker and set up fictitious lenders, borrowers and private mortgage companies.

They say the man used his photo on a fake ID.

He was described as being between 25 and 30 years old and wanted on charges of fraud, conspiracy, and forged documents.

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Investigators urged the mortgage and legal professions to be vigilant in confirming people’s identities during real estate transactions.


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