BMO's mortgage fraud claims won't be probed

[Master Shake]

RCMP and the Calgary police have told the Bank of Montreal they won't investigate what could be the biggest mortgage fraud in Canadian history, CBC News has learned.

Both police forces stated last week they were reviewing the voluminous case — more than 35,000 documents — assembled by the bank's investigators to see if a criminal investigation was warranted.

But sources have told the CBC that top investigators from both forces recently met with the bank and told it they were not interested in pursuing a criminal investigation.

In an email Sunday, the bank's Calgary lawyer, Munaf Mohamed, declined comment.

The lack of police response does not surprise former RCMP officer Chris Mathers, who said police forces simply can't tackle alleged frauds of this magnitude.

"There just aren't enough police officers to investigate these crimes," said Mathers, a Toronto-based corporate crime consultant. Mathers said fraud is rampant in Canada and police forces are already swamped.

"If you double the number of investigators, you will just have double the number of crimes being investigated and still have a whole bunch stacked in a pile and waiting to go."


Read more: http://www.cbc.ca/canada/calgary/sto...#ixzz0ncRjyGQu

Too big to prosecute?

[LargoWinch]

Re: BMO's mortgage fraud claims won't be probed

Too big to prosecute?

No, "too big to expose Bank of Canada's mess" (created with free money).

[Fiat Currency]

Re: BMO's mortgage fraud claims won't be probed

No, "too big to expose Bank of Canada's mess" (created with free money).

Mark Carney is the name you're looking for. :mad:

[Slimprofits]

Re: BMO's mortgage fraud claims won't be probed

"There just aren't enough police officers to investigate these crimes,

too busy attempting to ruin Mark Emery's life

[nitroglycol]

Re: BMO's mortgage fraud claims won't be probed

This looks promising -- they seem to have changed their minds:

A criminal investigation has been launched into allegations of widespread mortgage fraud at the Bank of Montreal, the RCMP’s commercial crimes section said Thursday.

BMO, which recently handed over thousands of pages of documents to police in Alberta, has filed a massive lawsuit against hundreds of people in connection with an alleged $69.5-million fraud scheme that the bank says cost it $30-million.

RCMP and the Calgary Police Service are now working together on the file, which has been described by industry watchers as the biggest mortgage fraud case in Canadian history.

“There is a very large amount of documentation to examine and many interviews to complete. Therefore it should be recognized that this should be expected to be a lengthy investigation,” RCMP Sergeant Patrick Webb said in a statement.

One possible reason for their initial reluctance was this:

Conservative MP Devinder Shory, who represents Calgary Northeast, is among those named in the lawsuit, which names lawyers, mortgage brokers and bank employees.

Nonetheless, though, it seems that this case is finally being taken seriously.