Toronto police have charged a 42-year-old man in connection with an alleged mortgage fraud scam targeting short-term rental homes. Investigators believe he's part of a larger criminal group.
The fraudsters also use their access to invite an independent appraiser into the home to assess its value, he said, something private lenders require before providing funds.
Marcus Tzaferis, CEO of Cannect, said the company paid out hundreds of thousands of dollars to three fake borrowers.What we know about 'stand-ins' used by organized crime to sell homes without owner's knowledge "They had access to the homes. They were getting real identifications made with their images," Tzaferis said. "It's like nothing we've ever seen before."
"The title insurers are being relentless in pursuing and following up on these," he said. "Word to the wise as far as these criminals are concerned — we're coming for you."City regulations stipulate that residents can rent out rooms or homes on short-term rental sites only if it's their primary residence.
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