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.