Former head of Ont. tech company charged in $6M fraud case
CTV
A years-long fraud investigation by the Ontario Provincial Police’s anti-rackets branch has resulted in fraud and other charges for the former head of BioNorth Technology Group, Frank Benincasa
A years-long fraud investigation by the Ontario Provincial Police’s anti-rackets branch has resulted in fraud and other charges for the former head of BioNorth Technology Group, Frank Benincasa.
North Bay OPP received several fraud complaints in July 2018 in relation to a $6 million syndicated mortgage investment into BioNorth Technology Real Estate, also operating as the BioNorth Tech Group. The investigation uncovered 60 alleged victims.
Acting Det. Sgt. John Armit told CTV News the case was referred to the anti-rackets branch in January 2019 because of its size and complexity.
Syndicated mortgage investments (SMIs) are a way for companies to raise development money. Several investors pool their money into a single mortgage, using the company’s land as collateral.
Benincasa, 59, is also charged with using forged documents to convince the investors to proceed with the SMI.
He is charged with fraud over $5,000 and using a forged document and false pretences to facilitate the fraud.
Armit said the documents were allegedly used to convince investors that the safety of the investment was “guaranteed.”
