Home Capital blames ‘unlucky’ brokers

Home Capital blames ‘unlucky’ brokers

Home Capital’s troubles started with “unlucky” brokers – or what Canadian banks and insurers call the mortgage merchants who get caught submitting fraudulent loans documents. The holding company disclosed that 45 independent brokers submitted loan applications that misstated borrowers’ income and other details. A securities regulator accused Home Capital of misleading investors about the fraud, and that sparked a run on deposits at the lender. Yet the brokers, whose names are now on databases maintained…

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Anne Squires, Exit Realty on the Rock owner, elects trial by judge

Anne Squires, Exit Realty on the Rock owner, elects trial by judge

Anne Squires, the owner of Exit Realty on the Rock, elected Thursday to be tried in Newfoundland by judge and jury on charges of theft and fraud. Squires was charged with theft over $5,000, fraud over $5,000, uttering a forged document and breach of trust, following what police called a “lengthy and thorough investigation into Squires and her business dealings.” It was alleged that Squires “committed fraud against a trust account…which she had access to…

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Four arrested in Kingston, Ont. fraud investigation

Four arrested in Kingston, Ont. fraud investigation

Kingston, Ont. police have arrested four people in connection to a fraud investigation with local investment company, Next Level Investments. Next Level Investments is not accredited by the Better Business Bureau (BBB), and is not registered with the Ontario Securities Commission (OSC) or the Canadian Securities Administrators (CSA). “Any firm or individual offering investments in Ontario must be registered with the OSC, unless they have an exemption,” the commission’s website says. Read more at The Whig This…

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Half of Canadian executives reveal businesses hacked

Half of Canadian executives reveal businesses hacked

A new survey has terrifying implications for Canadian businesses across the country. Conducted by marketing research firm Ipsos Canada on behalf of Calgary-based accounting, tax and business consulting firm MNP LLP, the survey found that nearly 60 per cent of Canadian small business owners and C-suite executives either suspect or know for certain they were the victims of an external cyberattack during the last year, with 50 per cent of C-suite executives indicating that they…

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Former Valeant and Philidor executives plead not guilty in fraud

Former Valeant and Philidor executives plead not guilty in fraud

A former executive with Valeant Pharmaceuticals and the head of a defunct U.S. mail-order pharmacy pleaded not guilty Thursday to conspiring to defraud the Quebec-based drug giant through a multimillion-dollar kickback scheme. A lawyer for Gary Tanner, 39, a former executive at Valeant (TSX:VRX) confirmed that his client and former Philidor Rx Services CEO Andrew Davenport, 48, entered the pleas in the U.S. District Court in Manhattan. Read more at Metro News This article is summarized by Canadian Fraud…

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Corporate Canada in ‘giant denial’ about fraud risk warns ex-RCMP investigator

Corporate Canada in ‘giant denial’ about fraud risk warns ex-RCMP investigator

Canadian businesses are in the midst of “a dangerous combination of overconfidence and naiveté when it comes to detecting fraud,” according to a new survey. Half of Canadian businesses “either suspect or know for certain that their business has experienced fraud or scams in the last year,” according to a survey by Ipsos Reid conducted on behalf of tax and business consultant MNP. Read more at BNN This article is summarized by Canadian Fraud News Inc.

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Two Winnipeg businessmen going to prison for tax evasion

Two Winnipeg businessmen going to prison for tax evasion

Neil Friesen and Jeff Dyck have both been sentenced to three years in prison after pleading guilty to two counts of tax evasion for their roles in a company called One World United Inc. False tax write-off scheme The court also ordered them to pay fines of more than $1 million each, but because they didn’t have the money to pay, they each received an extra year on top of their sentences. Both men were immediately taken into custody. During a…

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Canadian jailed in U.S. over ‘pump and dump’ penny stock fraud

Canadian jailed in U.S. over ‘pump and dump’ penny stock fraud

A Canadian man has been sentenced to four years in prison in the United States for running an international money-laundering scheme out of Costa Rica. Michael Randles, 49, had pleaded guilty in October to a single count of conspiracy to commit money laundering. Helped clients launder $1 million USD The conviction against Randles relates to a scheme that involved a brokerage located in San Jose, court records show. The brokerage operated as Moneyline and under various…

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Bowman calls for public inquiry after allegations of fraud, payoffs around police headquarters project

Bowman calls for public inquiry after allegations of fraud, payoffs around police headquarters project

Mayor Brian Bowman didn’t mince words on Thursday over explosive new allegations of fraud and a $200,000 payoff to the city’s former top bureaucrat in the police headquarters deal. At a city hall press conference, Bowman announced he plans to formally ask the province for a public inquiry into the matter. Paid $200,000 by Caspian Construction Earlier that day, CBC News reported the RCMP alleged former CAO Phil Sheegl was paid $200,000 by Caspian Construction for helping them land…

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Former Montreal mayor Michael Applebaum found guilty of corruption and fraud charges

Former Montreal mayor Michael Applebaum found guilty of corruption and fraud charges

Former Montreal mayor Michael Applebaum was found guilty of eight of the 14 charges that were levelled against him Thursday afternoon in connection with two bribery schemes that saw roughly $60,000 extorted from developers seeking contracts. Sentencing arguments have been set for Feb. 15. Michael Applebaum collapsed in court The lengthy judgment read by the justice was interrupted 90 minutes in when Applebaum fainted, soon after her ruling appeared to indicate a negative outcome for the…

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