Calgary MP accused in massive mortgage fraud - Macleans.ca

Calgary MP accused in massive mortgage fraud

“I have done nothing wrong,” says Devinder Shory

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The Bank of Montreal has implicated Calgary Conservative Devinder Shory in a giant mortgage scam. Shory is included in a lawsuit against several hundred Canadians, accused of being one 17 lawyers behind a “straw-buyer” fraud believed to be worth about $140 million. To carry out the scam ringleaders found the worst houses in good neighborhoods and falsely inflated their value to the bank, which would issue a mortgage worth far more then the actual dwelling. Straw buyers, usually immigrants, would then be duped into signing the mortgages for a payment between $3,000 and $8,000. The orchestrators would then pocket the cash and leave buyers in the lurch once the bank came to foreclose. The bank claims Shory funneled $3.7 million through an account linked to the fraud, and that he was involved in at least five of the straw-buyer cases. “I will defend myself vigorously against these accusations. I have done nothing wrong,” says Shory.

CBC News

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