Interesting Article on Mortgage Fraud/ID Theft

The link above by BearnBull is incredible ... I would hope since the date of that one was 2002 they have fixed some of those holes by now.
 
Quote from bearnbull:

Here's an article that might explain how it works and how they profit. I understand that the victims are the Lenders and Home owners. Very popular in Ontario Canada, because of the lax Canadain laws.

http://www.cbc.ca/consumers/market/files/scams/real_estate/index.html
More...

......In just six months, he's bilked lenders out of $1.5 million.

Police eventually tracked down Tesoro in Italy. He returned to Canada to face 33 fraud-related charges. He was sentenced to 38 months in prison. He served eight months. None of the money has been recovered.......

Let's see....$1.5 million/8 months in prison=$187,500 per month. That's $2.25 million per year.

I wonder if Tesoro is committing fraud again?
 
Quote from dandxg:

Excuse my noob question, but what did Cox have to gain, a free place to live. I looked up owner financing, the owner finances the deal, Cox never pays so he gets a free place to live right? If in default they foreclose and he can't sell to another person right? Also why bring in empty boxes to fool the neighbors? I don't get that?
More...


He was owner financing houses from people, then he would assume their identity and forge documents that showed the house as free and clear as far as leins, then he would take out loans on the house and pocket the money while at the same time paying the real homeowner monthly payments under a different name so they would not catch on.
 
Quote from NasdaqTrader:

Can someone pull this scam off by just knowing someone's address, without the owners even looking to rent or sell their house?
More...

Thinking about it, I would guess they may be able to since, at the crux, it involves forgery, which doesn't require possession of anything right?

It reminds of a story I heard years back in CA. A few scumbags would break into a vacant house, change the locks and refuse to leave under an outdated homestead provision. If you beat them they could sue you and it took months to have them evicted.
 
Quote from FightTheFuture:

......In just six months, he's bilked lenders out of $1.5 million.

Police eventually tracked down Tesoro in Italy. He returned to Canada to face 33 fraud-related charges. He was sentenced to 38 months in prison. He served eight months. None of the money has been recovered.......

Let's see....$1.5 million/8 months in prison=$187,500 per month. That's $2.25 million per year.

I wonder if Tesoro is committing fraud again?
More...

Amazing ain't it??? That is why this guys love doing it here in Canada. If he committed this crimes south of the border......minimum 20 years.
 
Quote from ElectricSavant:

I am curous...how many of you read that entire article in the opening post and enjoyed reading every word of it...like it was a novel?
More...

Pretty good reading there. Electric, you getting any ideas about abandoning your trading career for another career?
 
You must log in or register to reply here.
Back
Top