Police issued a plea to lawyers and brokers in the private mortgage business after another mortgage ripoff has been revealed. In this case, a man named Yuansen Fu, 23, is alleged to have gotten away with $10 million dollars in money from fraudulent mortgages. In December, another young man made off with $5 million in a similar scam. Essentially, the perps are claiming to own homes which they don’t. No one is bothering to check their stories, it seems and no doubt there are coppers who would be glad to scold those who are supposed to verify this stuff. Instead, the TPS have issued a fairly mild plea. You can read between the lines.
Investigators are advising the public, especially those in the mortgage and legal professions, to scrutinize all identification and be vigilant in confirming the identities of individuals in real estate transactions.
Here are the two young men being sought in this regard.
