Mortgage fraud investigation leads to charges against Hamilton, Oakville men

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Published July 20, 2023 at 2:04 pm

Police report man luring children.

A 33-year-old Hamilton man and 28-year-old Oakville man are facing several charges in connection to a fraud scheme across the province.

The two men have each been charged by Waterloo Regional Police with five counts of fraud exceeding $5,000 and five counts of Possession of Property Obtained by Crime.

Police say the charges are in relation to a fraud scheme where two men purported to be in the business of providing debt consolidation and financial advice specifically to assist homeowners in paying out liens held against their homes (Notice of Security Interests).

Police allege the two men used high-pressure tactics and misinformation to convince victims to obtain multiple mortgages quickly, leveraging the home’s equity.

The money was used to pay out the Notice of Security Interests (home equity) with all additional money being redirected to the accused companies, paying themselves consulting fees, lending fees, and charging the remaining amount in overpriced renovations.

Waterloo Police have identified several victims of the scheme in the province, including three victims in Waterloo Region and one each in Oakville and Welland.

The total loss to the victims is estimated at $700,000.

The accused parties are scheduled to appear in court on July 26, 2023.

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