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$9M mortgage fraud in Crystal Beach

Schooley Road homes left in partial state of construction in 2016. (Herald photo)

CBC News has put together the pieces on a mortgage fraud involving Gary Fraser and Black Bear Homes in Crystal Beach, whom many locals suspected was up to the old tricks that landed him in jail some years ago for a similar crime in Niagara-on-the-Lake.

 

More than 120 people from the Greater Toronto Area’s Chinese community have likely lost nearly $9 million in syndicated mortgage investments solicited by someone they trusted and who then loaned the money to a convicted fraudster, a CBC News investigation has found.

Source: 120 investors likely lost $9M in syndicated mortgages tied to convicted fraudster – Toronto – CBC News

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