Two Quebec men face fraud charges following an investigation by the RCMP into a mortgage scam that cost victims more than $4 million.
Kinh Ho Quan, 56, and Hermel Bosse, 58, were arrested this week on charges alleging they took part in at least 20 fraudulent transactions totalling nearly $4.5 million and bilked individuals, financial institutions and the Canada Mortgage and Housing Corp., which provides mortgage loan insurance.
According to a news release, the RCMP’s Major Fraud Unit of Commercial Crime Section of Montreal probed a total of 80 suspicious transactions worth an estimated $18 million since the investigation was launched in April 2008.(…)
The alleged fraud was carried out through nominee transactions, a process that is legal but used by fraudsters to circumvent real estate industry controls.
The men are alleged to have obtained loans by using false documents to inflate the financial profiles of people whose names they used to purchase houses that were supposed to be flipped for a profit.
The victims were ultimately responsible for repaying the mortgage loan. Many have since had to declare bankruptcy.
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Article posted in Crime, Crime (type), Crime by ethnicity, Fraud/Forgery/Scam/Impersonation/Identity theft, Multiethnic/racial group