RCMP investigation leads to fraud charges against two people

0

TORONTO, June 21, 2022 /CNW/ – Two people have been charged with fraudulent acts under the criminal codefollowing a long-running 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 about the business activities of Fortress Real Developments. In particular, allegations were received that the company was fraudulently obtaining investments in a syndicated mortgage investment program.

A syndicated mortgage program is when two or more people invest in a single mortgage for a property. It is alleged that the founders of Fortress Real Developments engaged in fraud by orchestrating an ongoing scheme whereby they failed to disclose the various risks to brokers and investors.

The following people 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.

Defendants must appear in court on August 3, 2022in courtroom 112 of 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 MorganOfficer in Charge, RCMP IMET

The Toronto RCMP Integrated Procurement Enforcement Team is a specialized unit with a mandate to protect the integrity of from Canada Capital Markets by detecting, investigating and deterring capital markets fraud.

If you have information about fraudulent investment schemes, money laundering or any other crime, 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.

Twitter: @GRCONT
Facebook: RCMP.Ontario
Instagram: @rcmpont ario
YouTube: RCMP RCMPPOLICE

SOURCE Royal Canadian Mounted Police

For further information: Media Contact: RCMP O Division (Ontario), Communications and Media Relations, Email: [email protected]

Share.

Comments are closed.