Mississauga man charged with mortgage fraud

Mississauga man charged with mortgage fraud

A Mississauga, Ont. man was charged with four counts of mortgage fraud over $5,000 each.
 
Michele Fiorilli was investigated by the RCMP Greater Toronto Area (GTA) commercial crime section after the Canada Mortgage and Housing Corporation noticed suspicious mortgage transaction activity in the GTA. The RCMP found two of the mortgage transactions followed business arrangements to defraud banks and the Canadian government.
 
“Identifying and investigating allegations of fraud in order to preserve the integrity of government programs, and the economy as a whole, continues to be a priority for us,” stated Inspector Rick Whattam, officer in charge of the GTA commercial crime section.  “This investigation represents the commitment of the RCMP working with CMHC and Canadian banks to preserve that integrity.”
 
Allegedly, Fiorilli gave paid borrowers fraudulent supporting documents that used real names and credit history to apply for mortgage loans. The two loans, totalling more than $700,000, ultimately went into default.
36 Comments
  • MP 2010-09-29 2:22:06 AM
    it is a good step in the right direction by the RCMP to weed out the people responsible for defaming this industry.
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  • Kevin Power 2010-09-29 2:29:07 AM
    This is only a tip of the iceberg on what has actually happened in the past or still ongoing efforts of fraudsters. RCMP, undoubtedly, got involved because it was most likely requested by CMHC. I have, on several occasions, gone to major banks where there was fraud on deals that had either funded or not funded. There response was astonishing. They did nothing and did not want to hear about it.
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  • Glen 2010-09-29 2:31:08 AM
    Recent news in AB about BMO Bank fraud used the mortgage broker reference INCORRECTLY and it was only bank employees committing the fraud (so I understand from a former BMO employee)
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