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Mortgage Broker News | 24 Jun 2010, 11:30 AM Agree 0
An Alberta man was sentenced to three years in prison for a $3.9-million rural mortgage scam that included 32 separate fraud charges over two years.
  • joe smith | 25 Jun 2010, 03:51 AM Agree 0
    I see that back in 2004 this Eugene character was up for charges for mortgage fraud back then. Why was he not being investigated after that?.
  • AB Mortgage Broker | 25 Jun 2010, 03:52 AM Agree 0
    It's about time! Time to clean up our industry!! Jail them and a lifetime ban. You know who you are...
  • Zoltan M Padar | 25 Jun 2010, 04:42 AM Agree 0
    Just about time our legal system realizes the seriousness of these fraudulent activities and do something about it. We are all paying directly and or indirectly for the consequences of these criminals actions. Yes, he was already flying under the radar for many years, not much happened, I'm happy he is sacked now, even it took a long time for the lawmakers to make a move.
  • Mike from Marmora | 25 Jun 2010, 04:53 AM Agree 0
    You have to know that the system that allowed this to happen stinks too. Lack of due diligence, automated appraisals & the pure greed of the institutions (including CMHC) all needs to be cleaned up & probably a few heads should roll too...Canadian Bankers are not the all-knowing, risk averse, vestal virgins they like to portray in the media.
  • S. Keptic | 25 Jun 2010, 05:02 AM Agree 0
    ...Steinhubl meets a similar fate. I've been burnt by him in the past and, as a result, had to clean out my RRSPs in order to live.
  • Rick Brushett | 25 Jun 2010, 11:29 AM Agree 0
    CAAMP is involved in naming fraudulent or ethical claims etc in our Journal but they never name a name when someone is guilty. Why not?

    In this case, we say it is serious - they wreck other's lives and they get three years - that is a Joke!!

    Rick Brushett - Mount Albet - Invis.
  • To Be Advised | 26 Jun 2010, 12:25 AM Agree 0
    I have been in the mortgage business for over 30 years and still find it very hard to find a decently honest agent or lender. They are both at a premium. The lender underwriter was most likely in cahoots with the mortgage agent, if one was used, or the accused, otherwise the lender would have caught onto to this after the first one or two defaulted mortgages. The borrowers would have had to appear at a bank branch to sign and if someone is that stupid to take $5,000 for their ID they obviously don't qualify or the bank or mortgage agent were associated with this fraud.

    Regarding the note on CAAMP I am in full agreement. The AMP is given away as long as you pay for it. Talk to any lender what they think of the designation and how an agent can pick up course points for having a coffe with them.
    This designation is a giveaway and I believe has reduced our professionalism. How can someone be called a profeesional in the business after 2 years of being simply registered with a broker and taking a few courses. What a shame.
  • Carol Bell | 27 Jun 2010, 12:05 AM Agree 0
    I agree with the greed comment (including CMHC) CMHC want you to report cases of fraud for their benefit, not yours. Case in point, I reported a case of fraud concerning the Royal Bank and all CMHC did about it was to flag the file in case there was a mortgage payment default. They would then not payout to the lender in question, however, the Royal Bank would just right-it-off as bad debt and not file a claim to CMHC. They allowed the Royal Bank to get away with
  • Jimmy | 02 Nov 2010, 12:41 AM Agree 0
    About time James gets some justice served.
    This man is one of the biggest pieces of scum I have ever ran into. Him and Mr.Charnczuk tried pulling their magic on me but after searching both of them on here after feeling a little woriesome I came across alot of information that made me stop any contact. James is a big con artist who will do anything to make a quick buck. Search his name and look at all the investment sites, facebook, myspace he is on trying to sell anything he can. Rot in jail scum. The world does not need dirt bags like yourself.
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