Robert May is the broker and owner of Rainbow Realty of Lethbridge Alberta. He is also a licensed mortgage associate and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the real estate industry since 1993 and offers full MLS real estate services to Lethbridge and surrounding area, as well as mortgage financing, refinancing/renewals, preapprovals, and home equity financing to Lethbridge and Southern Alberta. He can be found online at www.LethbridgeLoans.com
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An Orangeville man is facing fraud charges for allegedly bilking a mortgage broker out of nearly half a million dollars by pretending to build two houses.
The man, who runs a contracting business, took out mortgages to finance two houses he said he was building near Smiths Falls in May 2005, with the understanding that he would pay back the money once the houses were built and sold, police said.
He reported to the investor that the houses were being built by providing documents and photos of what he said was the construction site. As construction seemed to be progressing, the broker kept forwarding him money.
In all, he received $455,000 from the investor.
When he defaulted on the mortgage, the broker drove to Smiths Falls to find the houses. All he found was a vacant lot.
A police investigation revealed that the accused had forged the documentation for the houses and that the photos he showed the broker was of a different construction site.
Norman Webb, 61, has been charged with two counts of fraud over $5,000.
Police are asking anyone who has information on this case, or who has been targeted by this type of fraud to contact Det. Fred Kerr of the York Regional Police at 1-866-876-5423. Crime Stoppers also accepts anonymous tips at 1-800-222-TIPS.
Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years. He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.