RCMP investigation leads to fraud charges against two individuals
RCMP #RCMP
TORONTO, June 21, 2022 /CNW/ – Two individuals have been charged with fraudulent acts under the Criminal Code, following a long-term investigation by the Royal Canadian Mounted Police (RCMP), Integrated Market Enforcement Team (IMET).
The investigation, dubbed Project Dynasty, began in 2016 after police received a public complaint related to the business activities of Fortress Real Developments. In particular, allegations were received that the company was fraudulently obtaining investments in a syndicated mortgage investment scheme.
A syndicated mortgage scheme is when two or more people invest in a single mortgage for one property. It is alleged that the founders of Fortress Real Developments engaged in fraud by orchestrating an ongoing scheme whereby they did not disclose the various risks to brokers and investors.
The following individuals have been charged:
Jawad Rathore (Markham):
Fraud, contrary to Section 380(1)(a) of the Criminal Code;
Secret Commissions, contrary to Section 426(1)(a) of the Criminal Code.
Vince Petrozza (Richmond Hill):
Fraud, contrary to Section 380(1)(a) of the Criminal Code; and
Secret Commissions, contrary to Section 426(1)(a) of the Criminal Code.
The accused are scheduled to appear in court on August 3, 2022, in Courtroom 112 at the Ontario Court of Justice, Old City Hall Courthouse, 60 Queen Street West, Toronto, Ontario.
“This investigation is a great example of the RCMP’s commitment to keeping our communities safe by effectively disrupting financial crime.”
– Inspector Vance Morgan, Officer in Charge, RCMP IMET
The RCMP’s Toronto Integrated Market Enforcement Team is a specialized unit that is mandated to protect the integrity of Canada’s Capital Markets by detecting, investigating and deterring capital market fraud.
If you have any information about fraudulent investment schemes, money laundering or any other criminality, you can contact your local police, the Ontario RCMP at 1-800-387-0020, or report anonymously through Crime Stoppers at 1-800-222-8477 (TIPS), at any time.
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SOURCE Royal Canadian Mounted Police
Cision
View original content: http://www.newswire.ca/en/releases/archive/June2022/21/c8058.html