Toronto police investigating alleged mortgage fraud worth $5M
BNN Bloomberg
Toronto police are searching for a man accused of taking out mortgages on other peoples' property without their knowledge.
Toronto police are searching for a man accused of taking out mortgages on other peoples' property without their knowledge.
They say the scheme began in August 2020 and allege the man obtained more than $5 million in mortgages from lenders throughout the Greater Toronto Area.
Police say the man -- who identified himself as Lucas -- posed as a private mortgage broker and set up fictitious lenders, borrowers and companies to obtain private mortgages.
They say the man used his own image on a fake ID.
He's described as being between 25 and 30 years old and is wanted on charges of fraud, conspiracy and uttering forged documents.
Investigators are urging people in the mortgage and legal professions to be vigilant in confirming the identities of people during real estate transactions.
