Police to probe BMO mortgage fraud

[daleo]

The RCMP and Calgary police are launching a criminal investigation into what could be the biggest mortgage fraud in Canadian history.

The two forces announced Thursday they will probe allegations made by the Bank of Montreal, which has launched a civil lawsuit against hundreds of Alberta defendants it says perpetrated a sophisticated fraud against the bank that generated millions of dollars in falsely inflated mortgages.

The suit alleges that between 2006 and 2007, 14 inter-connected groups ran the scam, which may cost the bank as much as $30 million.

Among the Alberta lawyers, mortgage brokers and four BMO employees named in the lawsuit is Conservative MP Devinder Shory, who is a lawyer.

Read more: http://www.cbc.ca/canada/calgary/story/2010/05/13/mortgage-fraud-bmo-alberta-calgary-rcmp-police-investigate.html#ixzz0nr5WaP7k
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It looks like they changed their mind - last week they said this was too difficult. I hope no paper shredders were roughly handled in the interval.