Montreal mortgage scam yields fraud charges

MONTREAL - Two Quebec men face fraud charges following an investigation by the RCMP into a mortgage scam that cost victims more than $ 4 million.

Kinh Ho Quan, 56, and Hermel Bosse, 58, were arrested this week on charges alleging they took part in at least 20 fraudulent transactions totalling nearly $ 4.5 million and bilked individuals, financial institutions and the Canada Mortgage and Housing Corporation, which provides mortgage loan insurance.

According to a news release, the RCMP's Major Sham Unit of Commercial Crime Section of Montreal probed a total of 80 suspicious transactions worth an estimated $ 18 million since the investigation was launched in April 2008.

"The investigation shows that the accused allegedly obtained fraudulent mortgage loans for the purchase of residences located in the Montreal area," the RCMP said.

The alleged fraud was carried out through nominee transactions, a process that is legal but used by fraudsters to circumvent real estate industry controls.

The men are alleged to have obtained loans by using false documents to inflate the financial profiles of people whose names they used to purchase houses that were supposed to be flipped for a profit.

The victims, drawn in by a promise of a few thousand dollars in exchange for their good credit history, were ultimately responsible for repaying the mortgage loan.

According to the RCMP, many have since had to declare bankruptcy and saw their credit history ruined.

The two men are to make their first court appearance on March 30.

The RCMP warn that mortgage fraud "is a form of crime increasingly observed by police."

According to several civil court decisions since 2008, Quan has been involved in real estate transactions that have resulted in lawsuits where property owners have accused him of fraud.

One decision makes reference to affidavits alleging that while Quan claims to have little revenue, he manages to travel and drive around in luxury cars.

The affidavits also allege that in 2009 Quan offered several people $ 5,000 each to use their names to buy real estate he intended to re-sell at a profit. Months later, the same people found they were stuck with mortgages they couldn't pay.

Montreal Gazette

pcherry(at)montrealgazette.com

© Copyright (c) The Montreal Gazette

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