Large Organizations Responsible For Nine Out Of 10 Mortgage Crimes

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Massively organized crime is behind an estimated 90% of mortgage fraud in Canada, according to former RCMP top investigator Henry Tso.

Tso, who previously served as the superintendent in charge of RCMP’s federal organized crime and financial integrity team in BC, warned that savvy criminal ventures are taking advantage of elevated prices in hot housing markets like Toronto and Vancouver.

Among the most nefarious of these organizations’ schemes is property flipping that incorporates buyers and sellers working in conspiracy to acquire properties that would otherwise have gone to legitimate market players.

“Illegal property flipping involves repeatedly and fraudulently selling a property between colluding individuals,” Tso stated in an interview with Global News.

Read the original article here: mortgagebrokernews.ca


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