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Broker gets 3 years for fraud

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Mortgage Broker News | 01 Oct 2012, 10:45 AM Agree 0
The Fredericton Provincial Court has now sentenced a New Brunswick mortgage broker to three years in prison for mortgage fraud.
  • Frank Colavecchia | 02 Oct 2012, 04:25 AM Agree 0
    This is great news and not negative news as per the article. Those of us who have been in this industry know there is fraud and it is about time we see some action that fraud is being dealt with a heavy hand. Now maybe those who have ideas to fraud the system will have second thoughts and leave our industry to us professionals who care.
  • Samantha Gale, MBABC | 02 Oct 2012, 05:30 AM Agree 0
    The New Brunswick RCMP and Crown Counsel appear to have acted with great speed and diligence in seeking a criminal conviction in this matter. In addition, the penalty of three years imprisonment is significant and will hopefully provide some deterrence to others engaging in Ponzi schemes and mortgage fraud. As a provincial association, the MBABC supports the regulation and the development of professional standards in the industry, which will help to create a level playing field for the vast majority of mortgage industry members, who play by the rules.

  • John Dearin RPA,. AMP. | 04 Oct 2012, 08:28 PM Agree 0
    The place to go to report your suspicions of fraud:
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